Modus Therapeutics AB, a company developing innovative treatments for patients with high unmet medical needs and a focus on sickle cell disease (SCD), announces the appointment of Mats Blom as Chief Financial Officer (CFO).
Mr Blom joins Modus Therapeutics on April 1 from dual-listed Zealand Pharma, where he was CFO from 2010. During his tenure, he oversaw the Company’s 2010 IPO on Nasdaq OMX Copenhagen, raising USD 50 million, a 2016 USD 22 million Directed issue and a 2017 listing on Nasdaq Global Markets in New York raising USD 90 million. Prior to that Mr Blom was CFO at Swedish Orphan International.
Ellen K. Donnelly, PhD, CEO of Modus Therapeutics, said: “I am thrilled to welcome Mats to our team. Mats is a seasoned CFO and his experience in both the US and EU capital markets will be an asset as we continue to build Modus. Mats joins at an exciting time for the Company, as we await the results of our global 140 patient Phase 2 study in mid-2019. This large clinical study compared intravenously administered sevuparin with placebo in patients admitted to the hospital with an acute VOC associated with sickle cell disease.”
Mr Blom added: “I am pleased to be joining Modus Therapeutics at this exciting time for the Company; and look forward to working with the excellent team, building on the successes already achieved, as we drive the Company forwards towards its strategic goals.”
SCD is an inherited blood disorder which is characterized by severely painful VOCs that lead to organ damage due to a lack of oxygen delivery to the organs. Progressive organ damage limits the life expectancy of patients with SCD and lifetime medical care costs can exceed $1 million per patient with an estimated $1 billion spent annually on the disease in the U.S. In the U.S alone SCD is believed to affect approximately 100,000 individuals.
There is currently no pharmaceutical product available that targets the vaso-occlusive activity during a VOC in SCD patients. At present, the standard of care relies on strong intravenous pain medications and SCD patients often must be hospitalized to be treated