Modus Therapeutics Holding AB (Modus or the Company) has developed a compound that can revolutionise the treatment of sepsis/septic shock and systemic inflammation. The Company is coming off an eventful year in which it performed on all of the milestones set for the year. 2022 will be the most important year in the Company’s history when data will be presented, and the pivotal Phase II study will be initiated. We continue to argue that Modus should be valued as a company with a completed Phase I study, which is not a reality today. The Company trades at a steep discount to similar stage companies in Nordic biotechnology. We maintain our justified shareholder value in the range of SEK 242-420 million, equivalent to SEK 12.2-22.0 per share.
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