Modus Therapeutics secures access to bridge financing from Karolinska Development
STOCKHOLM, SWEDEN - 12 May 2022: Modus Therapeutics Holding AB (“Modus”) announces that it has secured access to bridge financing of up to SEK 11.5 million from its largest shareholder, Karolinska Development. Access to this potential funding will ensure that momentum of clinical development of the company’s lead asset, sevuparin, for the treatment of sepsis is sustained. This includes the planning for the forthcoming Phase 2a study in patients with sepsis that is expected to begin before the end of 2022.
John Öhd, CEO of Modus Therapeutics, said: “We are pleased to have secured access to this potential bridge financing, and we are very grateful for the level of commitment that it shows from our largest and longstanding investor Karolinska Development. This facility will ensure that we can maintain the momentum of sevuparin’s development as it progresses through clinical studies, even if the TO1 warrants do not generate the necessary funds. With our Phase 1b study ongoing, this solution enables us to proceed with the preparations for our forthcoming Phase 2a trial, which will be designed to gather key data on sevuparin’s ability to address sepsis, an area of extremely high unmet medical need.”
This information is such information that Modus Therapeutics Holding AB is obliged to publish in accordance with the EU Market Abuse Regulation. The information was submitted, through the care of the contact person below, for publication on May 12, 2022.
For more information on Modus Therapeutics, please contact:
John Öhd, VD, Modus Therapeutics
Phone: +46 (0) 70 766 80 97
Email: john.ohd@modustx.com
Certified Adviser
Svensk Kapitalmarknadsgranskning AB
Phone: +46 11 32 30 732
Email: ca@skmg.se
About Modus Therapeutics and sevuparin
Modus Therapeutics is a Swedish biotechnology company headquartered in Stockholm that develops sevuparin with a focus on diseases with a high unmet medical need. The company's focus in the near future is to develop sevuparin for patients with sepsis / septic shock, which is a serious and often fatal condition. Modus Therapeutics is listed on the Nasdaq First North Growth market (“MODTX”). More information is available at www.modustx.com
Sevuparin is a clinical stage, innovative proprietary polysaccharide drug with a multimodal mechanism of action, including anti-inflammatory, anti-adhesive and anti-aggregate effects. Sevuparin is a heparinoid with markedly attenuated anti-coagulation features that allows severalfold higher doses to be given, compared to regular heparinoids, without the associated risk for bleeding side-effects. Two routes of administration of sevuparin are currently being tested – an IV formulation for in-patient administration and a subcutaneous formulation that allows ambulatory and home care administration.