STOCKHOLM, SWEDEN - 8 November 2023: Modus Therapeutics Holding AB ("Modus Therapeutics") hereby publishes an interim report for the third quarter 2023. The report is available as an attached document and on the company's website (www.modustx.com). Below is a summary of the interim report.
John Öhd, Modus Therapeutics' CEO, commented:" The exciting new data to be presented at ASH 2023 continues the work we announced earlier this year in which the profound hepcidin inhibiting capacity of sevuparin was shown to translate across preclinical cell cultures, in vivo experiments in mice and clinical studies in healthy volunteers. Together with Professor Poli and co-workers, we can now build further by showing the effects not only on hepcidin but also on the anemia in a chronic kidney disease model in mice, which reinforces the relevance of sevuparin as a potential treatment in kidney disease with anemia. Modus Therapeutics' process of maturing towards an expanded clinical pipeline means that sevuparin's mode of action is now being evaluated for sepsis, severe malaria and anemia in chronic inflammation and kidney disease - three serious conditions that correspond to major medical needs in both acute and chronic care"
The third quarter in figures
- The loss after tax amounted to TSEK 3 093 (2 908).
- The loss per share amounted to SEK 0,19 (0,18).
- The cash flow from current operations was negative in the amount of TSEK 2 955 (2 760).
The first 9-months in figures
- The loss after tax amounted to TSEK 13 828 (8 964).
- The loss per share amounted to SEK 0,86 (0,56).
- The cash flow from current operations was negative in the amount of TSEK 13 557 (13 532).
Important events during the third quarter
No events to report.
Important events after the end of the period
- Modus Therapeutics presents final data from its Phase 1b LPS-provocation study with sevuparin at the annual ISICIP symposium in Barcelona.
- Modus Therapeutics to present at the 2023 American Society of Hematology Meeting and Exposition (ASH): New data on sevuparin and its potential to treat chronic kidney disease anemia and reduce kidney injury.
- Modus participated in BIO-EUROPE.
- On 8 November 2023, the Board of Directors resolved, with the support of the Annual General Meeting's authorization, to carry out a rights issue of approximately SEK 40,3 million and a set-off issue of SEK 20,3 million. The Rights Issue is primarily intended to finance general working capital, a clinical phase IIa study in anemia, preparation for the rest of the clinical program, as well as the storage of sevuparin and its distribution to the malaria study.
For more information on Modus Therapeutics, please contact:
John Öhd, CEO, Modus Therapeutics
Phone: +46 (0) 70 766 80 97
Email: john.ohd@modustx.com
This information is information that Modus Therapeutics Holding AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2023-11-08 08:00 CET.
Certified Adviser
Svensk Kapitalmarknadsgranskning AB
Website: www.skmg.se
About Modus Therapeutics and sevuparin
Modus Therapeutics is a Swedish biotechnology company headquartered in Stockholm is developing its proprietary polysaccharide sevuparin as a potential treatment for several major healthcare needs including sepsis/septic shock and other disorders with severe systemic inflammation as well as states of anemia, related to chronic inflammation such as kidney disease. There is a great need for new treatments that can effectively treat these conditions. Modus' ambition is to create a paradigm shift in the care of these diseases, where sevuparin could provide therapeutic benefits. Modus Therapeutics is listed on the Nasdaq First North Growth market ("MODTX"). More information is available at www.modustx.com.
Sevuparin is a clinical stage, innovative proprietary polysaccharide drug with a multimodal mechanism of action, including immunomodulating, anti-adhesive and anti-aggregate effects. Sevuparin is a heparinoid with markedly attenuated anti-coagulation features that allows severalfold higher doses to be given, compared to regular heparinoids, without the associated risk for bleeding side-effects. Two routes of administration of sevuparin are currently being tested - an IV formulation for in-patient administration and a subcutaneous formulation that allows ambulatory and home care administration.
