The capital injection will be used for further clinical development of the company’s drug candidate.
Modulfin is currently in phase I/II and is developed to increase the efficacy and decrease side effects during cancer treatments. It is based on a derivative of the B vitamine folic acid. At the moment, Modulfin is tested on cancer of the large in testine and ostoeosarcoma.
“The high development speed in the company has involved an increased interest from investors. At the same time we assess that each cash injection means accreted value as the company’s ability to reach its commercial goals grows substantially,” commented Anders Hilmersson, CEO of Yield Life Science, one of the major owners of Isofol, in a press release.
As a consequence of the rights issue Yield Life Science now owns approximately 20 percent of Isofol.