STOCKHOLM, SWEDEN – 12 March 2021: Modus Therapeutics Holding AB, a company developing innovative treatments for patients with high unmet medical needs, announces that it has appointed Claes Lindblad as its new Chief Financial Officer. He joins the Company as it looks for funding to support the development of sevuparin, into a new important potential treatment for sepsis/septic shock, and other severe inflammatory complications that millions of patients suffer from because of serious medical conditions such as major trauma and surgery, autoimmunity, and viral infection.
In many patients, these severe conditions result in severe uncontrolled systemic inflammation (also known as systemic inflammatory response syndrome, SIRS), which can then progress into shock and multi-organ failure. One example being septic shock, which is a leading cause of death in intensive care units worldwide, with mortality rates typically exceeding 30%. There is currently no pharmaceutical product available that can be specifically used to treat patients with sepsis/septic shock.
Claes Lindblad brings to Modus Therapeutics over 20 years of pharmaceutical and medtech experience in a range of sales and marketing, operational and financial roles. He was most recently the CFO of OssDsign, a Swedish medtech company that offers novel regenerative implants for improved healing of bone defects. At OssDsign, Claes led the finance and administrative functions of the company and played a key role in the company’s IPO on Nasdaq First North in May 2019, which raised SEK 151 million. He was also heavily involved in OssDsign’s successful acquisition of Sirakoss, a Scottish company specializing in bone grafts in November 2020.
Prior to joining OssDsign in 2016, Claes was the Swedish country manager for ConvaTec, a global medtech company with leading market positions in ostomy care, wound care, urology, intensive care and surgical care. Claes rejoined ConvaTec in 2012, from Nycomed/Takeda, where he was responsible for the sales of the company’s OTC and generics portfolio in Sweden.
Claes worked in senior positions with increasing responsibility at ConvaTec across the Nordic region from 2000 to 2009.
John Öhd, CEO of Modus Therapeutics, commenting on Claes appointment said:
“I am very pleased to welcome Claes to Modus. His significant financial and operational experience will be invaluable as we look to develop sevuparin as an important new treatment for sepsis/septic shock, and other systemic inflammatory conditions. Severe inflammation is a complication that millions of patients suffer from because of serious medical conditions such as infection, trauma and major surgery. This is exemplified by sepsis that causes the patient’s condition to deteriorate rapidly increasing the risk of death due to vital function and organ failure, is one of the costliest conditions to treat in the hospital care setting.”
Claes Lindblad, CFO of Modus Therapeutics, commenting on his appointment said:
” I am excited to be working with John and the senior team behind Modus on this new development opportunity for sevuparin. Clearly, there is a significant unmet need in the treatment of sepsis/septic shock and other conditions with severe systemic inflammation. Given the potential of sevuparin to change the sepsis/septic shock treatment landscape, I am confident we will be able to attract the funding we need to successfully transform Modus Therapeutics.”
Sepsis is one of the costliest conditions to treat in the hospital care setting. Data from the UK estimates the direct cost of treating the cases emanating directly from sepsis in intensive care in 2017 to £0.8 billion, while the broader costs to society, including indirect costs, amounted to £10 billion (YHEC The Cost of Sepsis Care, the UK Final Report 2017). Furthermore, in 2019, US sepsis in-patient care cost a total of $23 billion, a figure that has increased from the $17 billion of expenditure seen in 2012.
Severe systemic inflammation is a complication of a range severe medical conditions including infection, trauma, and major surgery. It is characterized by an uncontrolled inflammatory response that can progress into shock and multi-organ failure. There is currently no pharmaceutical product available that is specifically meant to be used to treat patients with sepsis/septic shock or other forms of severe systemic inflammation.
Sevuparin is a clinical stage, innovative proprietary polysaccharide drug with a multimodal mechanism of action, including anti-inflammatory, anti-adhesive and anti-aggregate effects. It acts by interfering with the harmful agents generated by white blood cells during systemic inflammation. This interference can break the molecular chain of events that lead to vascular damage and plasma leakage in patients with sepsis/septic shock and other systemic inflammatory manifestations. This activity has been shown in pre-clinical animal models as well as in vitro using human cells, where sevuparin has been effective in protecting the blood vessels and vital organs.
There is significant experience with sevuparin in humans, which has been administered to 145 healthy volunteers and patients with malaria and sickle cell disease.