STOCKHOLM - APRIL 24, 2017. Karolinska Development AB (Nasdaq Stockholm: KDEV) today announces its portfolio company Modus Therapeutics AB, a company focused on innovative treatments for patients with sickle cell disease (SCD), has appointed Ellen K. Donnelly, PhD, as Chief Executive Officer.
Details from the Modus announcement follow:
Dr. Donnelly joins Modus Therapeutics from Pfizer, Inc., where she has held numerous leadership positions in Clinical Operations; Project and Portfolio Management; and Research. Most recently she was responsible for Clinical Operations for Pfizer's Neuroscience and Pain therapeutic area. Dr. Donnelly also brings biotech and consulting experience to the CEO role, having worked in positions within U.S. biotech and management consulting prior to her time at Pfizer. Dr. Donnelly received her Ph.D. from Yale University.
Chairman of Modus Therapeutics, Björn Sjöstrand, said: "We are pleased to welcome Dr. Donnelly as CEO and are confident her background and broad experience in global drug development will help drive Modus Therapeutics forward, as we continue patient recruitment in our Phase II clinical study with sevuparin for SCD."
Dr. Donnelly added: "I am thrilled to join Modus at this important time for the Company. SCD is a crippling disease affecting many hundreds of thousands of patients around the world and Modus has a clear plan to address patients' pain through both hospital and home-based treatment options. The high unmet medical needs of SCD patients require novel therapeutic options, and I look forward to working with patients and their families to ensure the best possible outcomes for this disease, as we further develop sevuparin for SCD."
Viktor Drvota, Deputy CEO and Chief Investment Officer of Karolinska Development, said: "We welcome Dr. Donnelly as CEO of Modus Therapeutics, and are confident her extensive clinical development knowledge in the SCD field and her broader corporate experience will be key to the Company's future success. Modus is on track and financed to deliver data from its Phase II clinical study in early 2018, providing the first opportunity for one of our therapeutic company portfolio to meet an important clinical value-inflection point."
Dr. Donnelly is based in Stockholm and will take up her appointment on 25 April 2017. She succeeds Dr. Christina Herder.
For further information, please contact:
Jim Van heusden, CEO, Karolinska Development AB
Phone: +46 72 858 32 09, e-mail:jim.van.heusden@karolinskadevelopment.com
Viktor Drvota, Deputy CEO, Karolinska Development AB
Phone: +46 73 982 52 02, e-mail: viktor.drvota@karolinskadevelopment.com
David Dible/Mark Swallow/Pip Batty, Citigate Dewe Rogerson
Phone: +44 20 7638 9571; e-mail: KDev@citigatedr.co.uk
TO THE EDITORS
About Modus Therapeutics
Modus Therapeutics is a clinical-stage drug development company developing new pharmaceutical therapies to restore impaired blood flow and oxygen transport in rare diseases with large unmet medical need. The Company's most advanced candidate, sevuparin, is currently being evaluated in a Phase II clinical trial in sickle cell disease (SCD). Repeated painful crises in SCD, so-called vaso-occlusive crises ("VOC"), leads to loss of vital organ function and often significantly reduced life span. Modus Therapeutics is based in Stockholm. The Company's major shareholders are KDev Investments AB (an investment fund jointly owned by Karolinska Development AB and Rosetta Capital), Östersjöstiftelsen (The Foundation for Baltic and East European Studies), and Praktikerinvest PE AB. For more information, please visit www.modustx.com
About Karolinska Development AB
Karolinska Development AB (Nasdaq Stockholm: KDEV) is a Nordic life sciences investment company. The company focuses on identifying breakthrough medical innovations in the Nordic region that are developed by entrepreneurs and leadership teams. The Company invests in the creation and growth of companies that advance these assets into commercial products that are designed to make a difference to patients' lives while providing an attractive return on investment to shareholders.
Karolinska Development has access to world-class medical innovations at the Karolinska Institutet and other leading universities and research institutes in the Nordic region. The Company aims to build companies around scientists who are leaders in their fields, supported by experienced management teams and advisers, and co-funded by specialist international investors, to provide the greatest chance of success.
Karolinska Development has established a portfolio of nine companies targeting opportunities in innovative treatment for life-threatening or serious debilitating diseases.
The Company is led by an entrepreneurial team of investment professionals with a proven track record as company builders and with access to a strong global network.
For more information, please visit www.karolinskadevelopment.com
