Modus Therapeutics, a Sweden-based for sickle cell disease therapy developer backed by health and dental care provider Praktikertjänst, has closed a series A round sized at more than SKr140m ($15.4m).
Venture capital firm HealthCap led the round and will invest SKr60m in preferred financing, with existing Modus shareholders converting outstanding convertible notes into shares.
Modus will use the capital to support a phase 2 clinical trial for its lead sickle cell disease drug candidate, Sevuparin, and initiate a new program focused on a subcutaneous formulation.
The company had raised $3.5m from Praktikertjänst’s corporate venturing arm, Praktikerinvest, as well as KDev Investments, the investment arm of commercialisation firm Karolinska Development, and Östersjöstiftelsen in February 2017.