24 Oct 2016 07:00
PRESS RELEASE
FOR IMMEDIATE RELEASE
Ergomed notes co-development partner Dilaforette's intention to conduct an Initial Public Offering and change of name to Modus Therapeutics
London, UK - 24 October 2016: Ergomed plc (LSE: ERGO) ('Ergomed' or 'the Company'), a clinical trial services and drug development company, is pleased to note that its co-development partner Dilaforette has today announced its intention to undertake an Initial Public Offering and change its name to Modus Therapeutics Holding AB.
A rights issue is planned in connection with the IPO in order to finance the further clinical development of Modus Therapeutics' and Ergomed's co-development product sevuparin, currently in a phase 2 clinical trial, for the treatment of sickle cell disease ("SCD"). As co-development partner, Ergomed co-invests into the trial in return for an equity stake in Modus Therapeutics, and is a shareholder in the company.
Dr. Miroslav Reljanovic, Chief Executive Officer of Ergomed, said:
"We are delighted to see our co-development partner Modus Therapeutics making significant progress as it plans an Initial Public Offering. The Company's planned rights issue to help finance sevuparin for the treatment of sickle cell disease is welcomed by Ergomed as we jointly seek to advance the treatment through clinical development."
The full text of the announcement from Modus Therapeutics is as follows:
Dilaforette changes name to Modus Therapeutics and announces intention to conduct an Initial Public Offering
STOCKHOLM - October 20, 2016: Dilaforette Holding AB, a clinical-stage drug development company, today announced its name change to Modus Therapeutics Holding AB and its intention to undertake an Initial Public Offering ("IPO"). A rights issue is planned in connection with the IPO in order to finance the further clinical development of the Company's lead candidate sevuparin for the treatment of sickle cell disease ("SCD").
Commenting on today's announcement, Christina Herder, CEO of Modus Therapeutics, said: "Modus Therapeutics is entering an exciting phase with the opportunity to develop sevuparin in sickle cell disease in two separate uses based on promising data, recently published in the British Journal of Haematology (Telen et al, August, 2016). Sevuparin is now in Phase II clinical trials and we have a clear objective to advance this promising candidate through these trials to establish clinical proof of concept in both a hospital and a home setting over the next years."
Viktor Drvota, Chief Investment Officer at Karolinska Development and recently elected as new member of Modus Therapeutics Board of Directors, said: "Modus Therapeutics has established a strong basis with sevuparin in SCD from which to advance to the next value inflection milestones.
The proposed IPO would provide further support to the Company to build on its encouraging clinical findings with sevuparin and develop a potentially best- and first-in-class treatment for SCD patients with few effective therapeutic options. Modus Therapeutics is one of several companies in our portfolio that are expected to deliver important milestones in the coming years and we are delighted with how this portfolio is maturing."
Enquiries:
Ergomed plc | Tel: +44 (0) 1483 503205 |
Miroslav Reljanovic (Chief Executive Officer) | |
Stephen Stamp (Chief Financial Officer) | |
Numis Securities Limited | Tel: +44 (0) 20 7260 1000 |
Michael Meade / Freddie Barnfield (Nominated Adviser) | |
James Black (Joint Broker) | |
Stifel Nicolaus Europe Limited | Tel: +44 (0) 20 7710 7600 |
Jonathan Senior (Joint Broker) | |
FTI Consulting - for UK enquiries | Tel: +44 (0) 20 3727 1000 |
Simon Conway / Mo Noonan | |
MC Services AG - for Continental European enquiries | Tel: +49 (0) 211 52925222 |
Anne Hennecke |
About Ergomed
Ergomed plc is a profitable UK-based business providing drug development services to the pharmaceutical industry and has a growing portfolio of co-development partnerships. It operates in over 50 countries.
Ergomed provides clinical development, trial management and pharmacovigilance services to over 100 clients ranging from top 10 pharmaceutical companies to small and mid-sized drug development companies. Ergomed successfully manages clinical development from Phase I through to late phase programmes.
Ergomed has a wide therapeutic focus, with a particular expertise in oncology, neurology and immunology and the development of orphan drugs. Ergomed believes its approach to clinical trials is differentiated from that of other providers by its innovative Study Site Management model and the use of Study Physician Teams, resulting in a close relationship between Ergomed and the physicians involved in clinical trials.
As well as providing high quality clinical development services, Ergomed is building a portfolio of co-development partnerships with pharma and biotech companies which share the risks and rewards of drug development. Ergomed leverages its expertise and services in return for carried interest in the drugs under development. Lastly, Ergomed recently acquired a pipeline of proprietary development products for haemostasis in surgical settings. For further information, visit: http://ergomedplc.com.
About Modus Therapeutics
Modus Therapeutics is a clinical-stage drug development company developing new pharmaceutical therapies designed to restore impaired blood flow and oxygen transport in rare diseases with large unmet medical need. The Company's most advanced candidate, sevuparin, is currently being evaluated in a Phase II clinical trial in sickle cell disease (SCD). Repeated painful crises in SCD, so called vaso-occlusive crises ("VOC"), leads to loss of vital organ function and often significantly reduced life span.
Modus Therapeutics is based in Stockholm. The Company's major shareholders are KDev Investments AB (an investment fund jointly owned by Karolinska Development AB and Rosetta Capital), Östersjöstiftelsen (The Foundation for Baltic and East European Studies), and Praktikerinvest PE AB. For more information, please visit www.modustx.com