Karolinska Development's portfolio company Modus Therapeutics raises SEK 28.3 million in oversubscribed unit issue

Core Insights - Modus Therapeutics has successfully raised SEK 28.3 million through a unit issue with a subscription rate of 189 percent, indicating strong investor confidence [1][2][4] - The net proceeds amount to SEK 24.4 million, primarily allocated for clinical activities, including a phase 2 study of the drug candidate sevuparin for chronic kidney disease [3] - Karolinska Development holds a 66 percent direct and 8 percent indirect ownership in Modus Therapeutics, reflecting its significant stake in the company [5] Financial Details - The rights issue raised SEK 28.3 million, with a subscription rate of 189 percent, eliminating the need for guarantee commitments [1][2] - Approximately SEK 5 million of the net proceeds will be used to offset loans from Karolinska Development, while the majority will support ongoing clinical activities [3] - The financing is expected to sustain operations until the end of 2026, including potential proceeds from the exercise of warrants [3] Company Background - Karolinska Development AB is a Nordic life sciences investment company focused on breakthrough medical innovations and the growth of companies that advance these innovations into commercial products [6][8] - The company has access to world-class medical innovations from leading universities and research institutes in the Nordic region, aiming to build companies around top scientists [7] - Karolinska Development's portfolio includes eleven companies targeting innovative treatments for serious diseases, supported by an experienced management team [8]