STOCKHOLM, SWEDEN – March 15, 2021. Karolinska Development AB (Nasdaq Stockholm: KDEV) today announced that its holding company Modus Therapeutics is preparing a listing on the Nasdaq First North Growth Market in Stockholm in 2021. The company recently decided to launch a program clinical development of its drug candidate sevuparin in patients with sepsis / septic shock, and possibly other severe inflammatory conditions occurring in conjunction with major trauma, surgery, autoimmunity and viral infections.
The purpose of the planned IPO is to facilitate funding for the company’s clinical development program for sevuparin in sepsis / septic shock, which is expected to begin in early 2021/22.
“An IPO would be a natural next step in the development of Modus Therapeutics as a company ahead of the launch of the planned clinical trial program for sepsis / septic shock, a potentially life-threatening condition where the need for effective pharmaceutical treatment is required. is huge, ”says Viktor Drvota, CEO of Karolinska Development.
Patients with sepsis are at risk of developing septic shock and multi-organ failure. Septic shock is one of the leading causes of death in intensive care units, with death rates typically exceeding 30%. There is currently no specific pharmaceutical therapy available for the treatment of sepsis. It is therefore one of the most expensive conditions to treat in a hospital environment. In 2019, the costs of hospital care in the United States for patients with sepsis were estimated at $ 23 billion.
Modus Therapeutics’ flagship drug candidate, sevuparin, has been extensively documented in preclinical and clinical studies and is covered by patent protection until at least 2032. Recent preclinical research, conducted in collaboration with a research group from the Karolinska Institutet, has revealed that sevuparin is able to significantly reduce the effects of the form of severe systemic inflammation that occurs in conjunction with sepsis and a number of ‘other medical conditions.
As part of the preparations for a possible IPO, Modus Therapeutics has appointed Sedermera Fondkommission as its financial advisor. The company also recently strengthened its management team by recruiting Claes Lindblad as the new CFO. He joined Modus Therapeutics from a corresponding position at the listed life sciences company OssDsign.
Karolinska Development owns 39.5% of the outstanding shares of Modus Therapeutics. Karolinska Development holds an additional interest in the company through KDev Investments owning 32% of the outstanding shares of Modus Therapeutics.
For more information, please contact:
Viktor Drvota, CEO, Karolinska Development AB
Telephone: +46 73 982 52 02, e-mail: viktor.drvota@karolinskadevelopment.com
Johan Dighed, General Counsel and Deputy Managing Director, Karolinska Development AB
Telephone: +46 70 207 48 26, e-mail: johan.dighed@karolinskadevelopment.com
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About Karolinska Development AB
Karolinska Development AB (Nasdaq Stockholm: KDEV) is a Nordic life sciences investment company. The company is focused on identifying disruptive medical innovations in the Nordic region that are developed by entrepreneurs and management teams. The Company invests in the creation and growth of businesses that transform these assets into commercial products designed to make a difference in the lives of patients while providing a meaningful return on investment for shareholders.
Karolinska Development has access to world-class medical innovations at Karolinska Institutet and other leading universities and research institutes in the Nordic region. The Company aims to build companies around leading scientists in their field, supported by experienced management teams and advisers, and co-financed by specialized international investors, to offer the best chances of success.
Karolinska Development has a portfolio of ten companies targeting opportunities in the innovative treatment of life-threatening or serious debilitating diseases.
The company is led by an entrepreneurial team of investment professionals who have a proven track record as business builders and have access to a strong global network.
For more information, please visit www.karolinskadevelopment.com
This information is information that Karolinska Development AB (publ) (Nasdaq Stockholm: KDEV) is required to make public in accordance with the EU Market Abuse Regulation. The information was submitted for publication, through Viktor Drvota’s agency, at 08:00 CET on March 15, 2021.
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KD PR Modus IPO 2021-03-15 ENG