Modus Therapeutics announces a SEK 140M investment funding in a round led by HealthCap.
Modus Therapeutics AB, a Stockholm, Sweden-based company developing innovative treatments in high unmet medical need disease areas with a focus on sickle cell disease (SCD), announced securing a SEK 140M ($15.8M) investment round.
The financing round was led by a new investor, HealthCap, whoch contributed with SEK 60M, supported by existing investors, which converted outstanding convertible notes into shares.
The money will be used to continue the clinical development of sevuparin for sickle cell disease
Modus Therapeutics AB, led by CEO Ellen K Donnelly, is a drug development company developing sevuparin – a novel drug to treat people suffering from Sickle Cell Disease – a painful, inherited blood disorder affecting millions of people around the globe. Sevuparin is an innovative, proprietary polysaccharide drug with anti-adhesive, anti-aggregate and anti-inflammatory effects due to its multimodal mechanism of action. Currently being evaluated in a Phase II clinical study, sevuparin has the potential to restore blood flow and prevent further microvascular obstructions in children and adults with SCD.