Ergomed plc, 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 announced their successful financing round, raising £2.9 mn.

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 £ 2.9 mn. to support further development of sevuparin for sickle cell disease.

Modus Therapeutics AB, a Karolinska Development portfolio company focused on innovative treatments for patients with sickle cell disease, announces the successful completion of a financing round raising £2.9 mn. 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: “Sckle cell disease 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”.