Dilaforette Holding AB, a clinical-stage drug development and Karolinska Development portfolio company, announces its name change to Modus Therapeutics Holding AB and its intention to undertake an Initial Public Offering (IPO).
A rights issue is planned in connection with the IPO in order to finance the further clinical development of the company’s lead candidate sevuparin for the treatment of sickle cell disease (SCD).
“Modus Therapeutics is entering an exciting phase with the opportunity to develop sevuparin in sickle cell disease in two separate uses based on promising data, recently published in the British Journal of Haematology (Telen et al, August, 2016). Sevuparin is now in Phase II clinical trials and we have a clear objective to advance this promising candidate through these trials to establish clinical proof of concept in both a hospital and a home setting over the next years,”comments Christina Herder, CEO of Modus Therapeutics.
“Modus Therapeutics has established a strong basis with sevuparin in SCD from which to advance to the next value inflection milestones. The proposed IPO would provide further support to the Company to build on its encouraging clinical findings with sevuparin and develop a potentially best- and first-in-class treatment for SCD patients with few effective therapeutic options. Modus Therapeutics is one of several companies in our portfolio that are expected to deliver important milestones in the coming years and we are delighted with how this portfolio is maturing,” says Viktor Drvota, Chief Investment Officer at Karolinska Development and recently elected as new member of Modus Therapeutics Board of Directors.