Addionally, Recipharm Venture Fund has invested $1.15 million in Isofol Medical.
Carl-Johan Spak, executive vice president of Development & Technology, Recipharm, said, “We are very pleased to have further developed our collaborative partnership with Isofol Medical and to have now signed an agreement for future exclusive commercial manufacturing of Modufolin, especially as this is a new, innovative drug, focused on tumor treatment and consequently has strong sales potential.”
“Given the promising clinical data we have obtained to date we want to secure the long term manufacture and supply of Modufolin® for its future commercialization. With Recipharm’s investment of 8 MSEK in Isofol we have now raised 45 MSEK during the last 8 months. This capital and the collaboration with Recipharm not only strengthens the ongoing Phase II clinical development program but could also secure the future commercialization of Modufolin,” said Anders Rabbe, managing director of Isofol.