MedTech Startup Gains $30 Million in Series A

Modis Therapeutics, Inc., a company developing medicines for patients with rare genetic diseases, raised a $30 million Series A investment led by F-Prime Capital Partners and OrbiMed.

Modis is advancing its lead experimental therapy, MT1621, as a treatment for thymidine kinase 2 deficiency (TK2d), a rare, genetically defined mitochondrial DNA depletion disorder that leads to severe muscle weakness and premature death. Modis has orphan drug designation for MT1621 in both the United States and Europe, as well as rare pediatric disease designation in the U.S.  Modis says it is developing other molecules and therapeutic modalities to treat TK2d and other mitochondrial diseases with defined genetic causes.