Swedish drugmaker Modus Therapeutics AB has raised 140 million Swedish krona ($15.9 million) in a financing led by new investor HealthCap, a venture capital firm.

HealthCap will invest $6.9 million in a series A preferred financing. At the same time, existing shareholders will convert outstanding convertible notes into shares. The new equity investment, together with the conversion, amounts to the total proceeds.

The funds that Modus Therapeutics has raised will allow it to complete its current Phase II trial with sevuparin in patients with sequential compression device and commence a new program focused on a subcutaneous formulation.

The company expects the next important step in its development, which is the completion of the ongoing Phase II study and prepares for pivotal studies.