Modus Therapeutics secures $15.7m for sickle cell disease drug development

Modus Therapeutics, a Swedish biotech firm specializing in sickle cell disease therapies, has successfully raised SEK 140 million ($15.76 million) in a funding round spearheaded by HealthCap, a leading European venture capital firm known for investing in innovative therapies for diseases with significant unmet medical needs.

The Series A funding round saw HealthCap contribute SEK 60 million ($6.75 million) towards Modus Therapeutics’ efforts. This investment underlines the potential of Modus Therapeutics’ lead drug, sevuparin, an innovative polysaccharide drug noted for its anti-adhesive, anti-aggregate, and anti-inflammatory properties. Currently, sevuparin is undergoing a Phase 2 clinical trial, targeting a critical unmet need in the treatment of sickle cell disease (SCD).

Ellen K Donnelly, CEO of Modus Therapeutics, expressed gratitude for the new funding, emphasizing its importance in continuing the clinical development of sevuparin. “The funds that we have raised will allow us to complete our current Phase II trial with sevuparin in patients with SCD and commence a new program focused on a subcutaneous formulation,” Donnelly stated. This reflects a significant step towards making effective treatments more accessible to SCD patients.

HealthCap Partner Marten Steen shared his optimism about the future of sevuparin, highlighting its potential to become a vital treatment for SCD patients. “We look forward to the next important step in the company’s development, which is the completion of the ongoing Phase II study and prepare for pivotal studies,” said Steen. This enthusiasm is shared by stakeholders anticipating the advancement from clinical trials to market readiness, especially given the recent rare pediatric disease designation granted to sevuparin by the US Food & Drug Administration (FDA).

Sickle cell disease affects 90,000-100,000 individuals in the US alone, causing severe pain and potential damage to organs over time. The development of drugs like sevuparin is critical as it offers the possibility to improve blood flow, reduce microvascular obstructions, and significantly enhance the quality of life for patients suffering from this genetic disorder.

The investment in Modus Therapeutics by HealthCap is a promising development in the biotech industry, particularly for diseases lacking adequate treatment options. The funding not only supports ongoing clinical trials but also underscores the potential of sevuparin as a breakthrough in SCD treatment. As trials progress, the medical community eagerly anticipates more positive outcomes that could transform patient care in the SCD sphere.