- Global Pharma News & Resources

Modus Therapeutics secures access to bridge financing from longstanding investor Karolinska Development

STOCKHOLM, SWEDEN – 29 March 2023: Modus Therapeutics Holding AB (“Modus”), a company developing innovative treatments for patients with major unmet medical needs, announces that it has secured access to bridge financing of up to SEK 7.0 million from its largest shareholder, Karolinska Development.

Access to this funding ensures that momentum of clinical development of Modus’ lead asset, sevuparin, will be enhanced while the company continues to explore licensing and partnership opportunities. These future development plans include preparation for a Phase 2a study evaluating sevuparin for the treatment of sepsis, expected to commence at the end of 2023. The funding will also allow Modus to continue exploring the development of new indications for sevuparin with promising potential such as chronic kidney disease.

John Öhd, CEO of Modus Therapeutics, said: “We are very grateful to the level of commitment shown from our longstanding, largest investor Karolinska Development. The access to bridge financing up to SEK 7.0 million further demonstrates their confidence in the potential of our lead candidate sevuparin for the treatment of sepsis and other conditions with systemic inflammation and allows us to continue to advance plans for our Phase 2a study in sepsis patients whilst furthering preliminary work on other indications, including kidney disease.”

“This news follows positive top-line Phase 1b data from our lipopolysaccharide (LPS) provocation study, which will inform the design of the Phase 2a study and provides important clinical validation that may be instrumental for future partnering discussions. We look forward to providing additional updates on the strong potential for sevuparin as a treatment option for patients in an area of high unmet medical need.”

The bridge financing facility will be submitted to the annual general meeting, to be held on 11 May 2023, for approval. Draw down of the capital in its entirety is subject to such approval being obtained.

For more information on Modus Therapeutics, please contact:
John Öhd, CEO, Modus Therapeutics
Phone: +46 (0) 70 766 80 97

Editor Details

Last Updated: 30-Mar-2023