Modus Therapeutics Raises SEK 32 Million

RNS Number : 2443X

Ergomed plc

20 February 2017

 

PRESS RELEASE

FOR IMMEDIATE RELEASE

Ergomed notes co-development partner Modus Therapeutics successfully
raises SEK 32 million (£2.9m)

London, UK - 20 February 2017: Ergomed plc (LSE: ERGO) ('Ergomed' or 'the Company'), a company dedicated to the provision of specialised services to the pharmaceutical industry and the development of new drugs, is pleased to note that its co-development partner Modus Therapeutics has today announced their successful financing round, raising SEK 32 million (£2.9m).

The funds raised will finance the further clinical development of Modus Therapeutics' and Ergomed's co-development product sevuparin, currently in a phase 2 clinical trial, for the treatment of sickle cell disease ('SCD').  Top-line data from this Phase II study is expected in H1 2018.  As co-development partner, Ergomed co-invests into the SCD trial in return for an equity stake in Modus Therapeutics and is currently a shareholder.

Dr. Miroslav Reljanovic, Chief Executive Officer of Ergomed, said:

"We are delighted to see our co-development partner Modus Therapeutics has completed its fundraising to help finance sevuparin for the treatment of sickle cell disease.  We look forward to completing the Phase II study and reporting top line data in due course."

The full text of the announcement from Modus Therapeutics is as follows:

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".

- Ends -

Enquiries:

Ergomed plc	Tel: [phone]
Miroslav Reljanovic (Chief Executive Officer)
Andrew Mackie(Chief Business Officer)
Numis Securities Limited	Tel: [phone]
Michael Meade / Freddie Barnfield (Nominated Adviser)
James Black (Joint Broker)
Stifel Nicolaus Europe Limited	Tel: [phone]
Jonathan Senior (Joint Broker)
FTI Consulting - for UK enquiries	Tel: [phone]
Simon Conway / Mo Noonan
MC Services AG - for Continental European enquiries	Tel: [phone]
Anne Hennecke

About Ergomed

Ergomed plc is a profitable UK-based business providing drug development services to the pharmaceutical industry and has a growing portfolio of co-development partnerships. It operates in over 50 countries.

Ergomed provides clinical development, trial management and pharmacovigilance services to over 100 clients ranging from top 10 pharmaceutical companies to small and mid-sized drug development companies. Ergomed successfully manages clinical development from Phase I through to late phase programmes.

Ergomed has a wide therapeutic focus, with a particular expertise in oncology, neurology and immunology and the development of orphan drugs. Ergomed believes its approach to clinical trials is differentiated from that of other providers by its innovative Study Site Management model and the use of Study Physician Teams, resulting in a close relationship between Ergomed and the physicians involved in clinical trials.

As well as providing high quality clinical development services, Ergomed is building a portfolio of co-development partnerships with pharma and biotech companies which share the risks and rewards of drug development. Ergomed leverages its expertise and services in return for carried interest in the drugs under development. Lastly, Ergomed recently acquired a pipeline of proprietary development products for haemostasis in surgical settings. For further information, visit: http://ergomedplc.com.

About Modus Therapeutics

Modus Therapeutics is a clinical-stage drug development company developing new pharmaceutical therapies designed to restore impaired blood flow and oxygen transport in rare diseases with large unmet medical need. The Company's most advanced candidate, sevuparin, is currently being evaluated in a Phase II clinical trial in sickle cell disease (SCD). Repeated painful crises in SCD, so called vaso-occlusive crises ("VOC"), leads to loss of vital organ function and often significantly reduced life span.

Modus Therapeutics is based in Stockholm. The Company's major shareholders are KDev Investments AB (an investment fund jointly owned by Karolinska Development AB and Rosetta Capital), Östersjöstiftelsen (The Foundation for Baltic and East European Studies), and Praktikerinvest PE AB. For more information, please visit www.modustx.com

 

END

 

 

NRAUKVURBKAUAAR