European venture capital firm invests in Karolinska Development’s portfolio company

HealthCap, a European venture capital firm, has invested SEK 60 million into the portfolio company of Karolinska Development — Modus Therapeutics.

“HealthCap is one of Europe's leading and most reputable investors within life science. We view their investment in Modus Therapeutics as a clear acknowledgment of the quality and innovative depth of our portfolio company's pipeline project,” stated Karolinska Development's CEO, Viktor Drvota.

Currently, Modus Therapeutics’ most advanced drug candidate, sevuparin, is being evaluated in a Phase II clinical study for the treatment of sickle cell disease (SCD). At the moment, there are no treatments available for acute pain associated with SCD aside from analgesics.

“HealthCap sees ample opportunities for Modus Therapeutics’ orphan drug candidate sevuparin to be an important treatment for SCD. We look forward to the next important step in the company's development, which is the completion of the ongoing Phase II study that aims to deliver proof of concept,” explained HealthCap's Partner Mårten Steen.