Ergomed Plc’s (LON:ERGO) told investors that its co-development partner plans to float on a stock market.
Dilaforette is to relaunch with the new name of Modus Therapeutics Holding AB, and it plans to raise fresh capital with an initial public offering and a rights issue.
Together Ergomed and Modus (Dilaforette) have Sevuparin, a potential treatment for sickle cell disease, in a Phase 2 clinical trial.
AIM quoted Ergomed co-invests in the trial in return for equity in the partner, and as a result it is a shareholder in the soon-to-list company.
Dr Miroslav Reljanovic, Ergomed chief executive, in a statement said: “We are delighted to see our co-development partner Modus Therapeutics making significant progress as it plans an initial public offering.
“The company's planned rights issue to help finance sevuparin for the treatment of sickle cell disease is welcomed by Ergomed as we jointly seek to advance the treatment through clinical development."
In its own statement, Modus chief executive Christina Herder said: “Modus Therapeutics is entering an exciting phase with the opportunity to develop sevuparin in sickle cell disease in two separate uses based on promising data.
“Sevuparin is now in Phase II clinical trials and we have a clear objective to advance this promising candidate through these trials to establish clinical proof of concept in both a hospital and a home setting over the next years."