Modus Therapeutics raises SEK 32 million to support further development of sevuparin for sickle cell disease
STOCKHOLM, SWEDEN – 20 February, 2017. Modus Therapeutics AB, a Karolinska Development (STO:KDEV) portfolio company focused on innovative treatments for patients with sickle cell disease, announces the successful completion of a financing round raising SEK 32 million from existing investors KDev Investments, Östersjöstiftelsen and Praktikerinvest.
Modus Therapeutics is currently recruiting patients in Europe, the Middle East and Caribbean in an ongoing Phase II clinical study with sevuparin for sickle cell disease (SCD). In the second half of 2016, the size of the study was increased to a total of 120 evaluable VOC resolutions. In addition, after a planned safety review in November, the study was allowed to enroll adolescents between the age of 12 and 18. Top-line data from this Phase II study is expected in H1 2018.
Christina Herder, CEO of Modus Therapeutics, said: “SCD is a painful, inherited blood disorder affecting millions of people around the globe. With this continuing support from our long-term investors, Modus has secured the financial resources needed to complete the ongoing Phase II study”.
For further information, please contact:
Christina Herder, CEO, Modus Therapeutics
Tel: +46 70 374 71 56
David Dible/ Pip Batty, Citigate Dewe Rogerson
Tel: +44 20 7638 9571
TO THE EDITORS
About Modus Therapeutics AB
Modus Therapeutics is a Swedish biotech company developing sevuparin – a new drug to treat people suffering from Sickle Cell Disease (SCD) – a painful, inherited blood disorder affecting millions of people around the globe. Sickle Cell Disease patients’ blood cells form a sickled shape, which makes blood flow to vital organs difficult, causing severe pain and even premature death. Sevuparin has the potential to improve the SCD patients’ blood flow reducing their pain and the amount of time they will need to spend in hospital. Modus plans to develop an administration form of sevuparin that the patient can self-administer allowing them to live a more normal life by preventing the painful episodes requiring hospital care.
Modus is predominantly owned by KDev Investments AB, part of Karolinska Development AB (Nasdaq Stockholm: KDEV) and Rosetta Capital. Other larger owners are The Foundation for Baltic and European Studies (Östersjöstiftelsen) and Praktikerinvest AB. For more information, please visit
Sevuparin is an innovative, proprietary polysaccharide drug, which has the potential to restore blood flow and prevent further microvascular obstructions, caused by abnormal blood cells in SCD patients. With its anti-adhesive properties, sevuparin could thereby offer treatment of the underlying cause of
vaso-occlusive crisis (VOC) in SCD patients, with earlier pain relief, shorter hospital stay, reduced need of opioids and improved quality of life. Modus is currently enrolling patients in a Phase II study with the aim to present data during first half 2018.
About sickle cell disease Sickle cell disease (SCD) is a painful, inherited blood disorder affecting millions of people around the globe and the most common inherited blood disorder in the U.S. affecting between 90,000-100,000 subjects, with medical care costs amounting to more than $1 billion. In Europe it is estimated that there are 35,000-40,000 SCD patients, and this number is higher in the Middle East and North Africa regions, with over 850,000 SCD patients.
There is currently no pharmaceutical product available that targets the underlying cause of VOCs that affect SCD patients. Current therapies are predominantly strong intravenous pain medications and SCD patients often have to be hospitalized in order to be treated.