Ergomed's Swedish drug development partner raises £2.9m

AIM-listed pharmaceutical Ergomed’s Stockholm-based development partner Modus Therapeutics has raised £2.9m (32m Swedish krona) to support a phase two study of a sickle cell drug.

The funds raised will be used to further development of sevuparin, currently in a phase two clinical trial with data due in the first half of 2018, for the treatment of sickle cell disease.

Ergomed has invested into the trial in return for an equity stake in Modus Therapeutics and is currently a shareholder.

Modus Therapeutics chief executive Christina Herder added: "Sickle cell disease is a painful, inherited blood disorder affecting millions of people around the globe. With this continuing support from our long-term investors, Modus has secured the financial resources needed to complete the ongoing phase two study".

Ergomed chief executive Dr Miroslav Reljanovic added: "We look forward to completing the phase two study and reporting top line data in due course."