Modus Therapeutics

What Modus Therapeutics does

Modus Therapeutics Holding AB (publ) is a Swedish clinical-stage biotechnology company developing sevuparin, a proprietary polysaccharide heparinoid drug candidate, for conditions characterized by severe systemic inflammation and iron dysregulation. The company was founded around 2018, listed on Nasdaq First North Growth Market (ticker MODTX) in July 2021, and is headquartered in Stockholm with 1-10 employees. Sevuparin's mechanism of action is multimodal: anti-inflammatory, anti-adhesive, and anti-aggregate effects, with markedly attenuated anticoagulant activity that enables several-fold higher dosing than standard heparinoids without bleeding risk. The compound has been administered to over 200 healthy volunteers and patients and can suppress hepcidin to 30-50% of baseline. Two formulations are in development: an IV formulation for in-patient administration and a subcutaneous formulation for ambulatory/home care.

The company's clinical pipeline has been repeatedly repositioned. A Phase 2 study in sickle cell disease completed in May 2019 did not show meaningful benefit in the total study population, prompting a strategic pivot in March 2021 under CEO John Öhd toward sepsis/septic shock as the lead indication. Subsequent programs have expanded into chronic kidney disease with anemia (Phase 2a enrolling 50-60 patients in Italy, first patient dosed December 2025) and severe malaria (in collaboration with Imperial College London and KEMRI-Wellcome Trust in Kenya, supported by Wellcome). Sevuparin has received FDA IND acceptance for sickle cell disease and FDA Rare Pediatric Disease Designation for pediatric SCD, and has been approved for clinical research in both the US and Europe.

Modus operates a partnership-focused business model and is pre-revenue. The stated strategy is to create product value through clinical milestones and ultimately license sevuparin to pharmaceutical partners with established market presence, with a target product approval/NDA around 2028/2029. Karolinska Development AB is the majority shareholder at 55.7% as of December 31, 2025, and has provided multiple bridge financings (SEK 7.0M in 2023, SEK 11.5M in 2022, SEK 5.0M in 2024, SEK 5.0M in 2025). A fully secured SEK 28.3 million rights issue in June 2025 extended cash runway through 2026.

Name

Modus Therapeutics

Legal name

Modus Therapeutics Holding AB (publ)

Website

https://modustx.com

Company type

Public

Founded year

2018

Operating status

Operating

Headcount range

1–10 employees

Short description

Modus Therapeutics is a Swedish clinical-stage biotech developing sevuparin, a proprietary non-anticoagulant heparinoid with anti-inflammatory properties, for sepsis, chronic kidney disease with anemia, severe malaria, and sickle cell disease, operating on a pre-revenue licensing/partnership business model.

Ownership category

akta.pro rank

Headquarters

HQ city

Stockholm

HQ country

Sweden

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Pharmaceutical Licensing/Royalty Revenue: Pre-revenue biotech company. Business model is primarily based on partnership - attracting partnerships and buyers for sevuparin by creating product value through clinical research. Product value created through robust clinical data with value-building milestones to enable further value build with a partner that already has presence in the therapy area and its market. Target product approval/NDA around 2028/2029.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Modus Therapeutics is developing sevuparin, a proprietary polysaccharide (heparinoid) drug candidate with multimodal anti-inflammatory, anti-adhesive, and anti-aggregate effects. The company is conducting clinical development of sevuparin in IV and subcutaneous formulations as a potential treatment for sepsis/septic shock, severe malaria, anemia related to chronic kidney disease, and sickle cell disease. As a pre-revenue biotech, Modus plans to create product value through clinical milestones and commercialize via partnerships with established pharmaceutical companies.

Product overview

Modus Therapeutics is a Swedish biotechnology company developing sevuparin, a proprietary polysaccharide drug candidate, as a potential treatment for several major healthcare conditions including sepsis/septic shock, severe malaria, and anemia related to chronic inflammation such as chronic kidney disease. The company operates as a single-product biotech with two formulation approaches: an IV formulation for in-patient hospital administration and a subcutaneous formulation for ambulatory and home care use. Sevuparin has a multimodal mechanism of action including anti-inflammatory, anti-adhesive, and anti-aggregate effects. The drug has been approved for clinical research in both the US and Europe and has been administered to over 200 healthy volunteers and patients in clinical trials.

Differentiator

Problem solved

Functional benefit

Products and services

• Sevuparin (IV formulation)

Quantifiable outcome

• Plasma hepcidin reduced to 30-50% of baseline in healthy volunteers at clinically safe dose levels with peak effect between 6-24 hours
• +2 more outcomes

Segments4 records

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Four partnerships are on record, tiered core and minor.

• Imperial College LondoncoreStrategic or Co-development Partner · 11 June 2021Clinical research collaboration with Professor Kathryn Maitland's team to evaluate sevuparin's effect in patients with severe malaria. The project is conducted in collaboration with KEMRI-Wellcome Trust Programme in Kilifi, Kenya. Imperial College is conducting the first clinical trial out of their specialized site in Kenya.
• University of BresciacoreStrategic or Co-development PartnerLongstanding collaboration with University of Brescia for evaluating sevuparin's potential in disorders with high levels of hepcidin such as anemia in chronic kidney disease and chronic inflammation disorders.
• ErgomedminorImplementation/ SI/ Consulting PartnerFull-service contract clinical development organization with specialist expertise in orphan drug development. Co-development partner for the global Phase 2 study in sickle cell disease.
• Bergs Securities ABminorOthersCertified Adviser for Nasdaq First North Growth Market. Provides regulatory and market advice required for listing compliance.

Scale indicators11 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Inotrem: Inotrem is a French clinical-stage biotech developing nangibotide (TREM-1 inhibitor) for septic shock. Both companies are developing novel therapeutics for sepsis/septic shock with similar partnership-driven business models and similar clinical stage.
• AM-Pharma: AM-Pharma is a Dutch clinical-stage biotech developing recombinant human alkaline phosphatase for sepsis-associated acute kidney injury. Similar to Modus, AM-Pharma targets the sepsis inflammatory pathway and operates with a similar biotech business model.
• Adrenomed: Adrenomed is a German biotech developing adrecizumab, a monoclonal antibody targeting adrenomedullin for septic shock. Direct peer in the septic shock indication with similar clinical-stage development and biomarker-driven approach.
• InflaRx: InflaRx is a German-US clinical-stage biotech developing vilobelimab, an anti-C5a monoclonal antibody for inflammatory conditions including sepsis. Comparable as a clinical-stage inflammation biotech targeting complement/inflammatory pathways.
• Agios Pharmaceuticals: Agios Pharmaceuticals develops mitapivat for sickle cell disease and other hemolytic anemias. Directly comparable in SCD therapeutic development with overlapping mechanism on red blood cell function and similar indication overlap to sevuparin.
• Global Blood Therapeutics (Pfizer): GBT developed Oxbryta (voxelotor) for sickle cell disease and was acquired by Pfizer for $5.4B in 2022. Direct competitor in the SCD therapeutic market with an approved product addressing similar vaso-occlusive mechanisms.
• Emmaus Life Sciences: Emmaus Life Sciences commercializes Endari (L-glutamine), an FDA-approved treatment for sickle cell disease. Directly comparable as an SCD-focused company targeting vaso-occlusive complications and acute complications.
• Akebia Therapeutics: Akebia Therapeutics developed vadadustat, an oral HIF-PH inhibitor for anemia of chronic kidney disease. Direct competitor in the CKD-anemia therapeutic space with similar patient population focus and mechanism targeting erythropoiesis.
• FibroGen: FibroGen developed roxadustat, an HIF-PH inhibitor approved in multiple geographies for CKD-anemia. Comparable peer with similar therapeutic focus on anemia in CKD patients, addressing the hepcidin-mediated iron restriction pathway.

Broad incumbents

• Vertex Pharmaceuticals: Vertex Pharmaceuticals co-developed Casgevy (exa-cel) with CRISPR Therapeutics, the first FDA-approved CRISPR gene therapy for sickle cell disease. Broader incumbent competing in SCD space with a curative gene therapy approach versus Modus's symptomatic sevuparin approach.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UCp0RW6N7Ps0eLmC-gJqKj5w
• Xx.com/Modustx
• LinkedInlinkedin.com/company/1993495

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds7 records

Investors6 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Modus Therapeutics