Convergent Therapeutics Inc., a clinical-stage biotechnology company focused on the development of next-generation radiopharmaceuticals for the treatment of cancer, today announced the completion of a $90 million Series A financing.
The funding was led by OrbiMed and RA Capital Management with participation from Invus.
The financing will support the development of a pipeline of novel radioantibodies, including its lead program with CONV01-α, for the treatment of advanced prostate cancer.
Philip Kantoff, Convergent CEO, and Neil Bander, chief scientific advisor to Convergent, co-founded the company with technology developed in the Bander Lab and licensed from Cornell University. Bander is the Bernard & Josephine Chaus Professor of Urologic Oncology at Weill Cornell Medicine. Bander and his colleagues were the first to validate the prostate-specific membrane antigen (PSMA) as a target in cancer.
“While considerable progress has been made in the search for effective treatments for prostate cancer, it continues to be the second leading cause of cancer death in men, representing a significant unmet need,” Kantoff said.
“This financing is an important milestone for Convergent and accelerated development of novel radioantibodies, beginning with CONV01-α. We view this program as a best-in-class, targeted treatment for prostate cancer and will be advancing CONV01-α clinical development over the immediate term. With the founding of Convergent, our focus has been on the amalgamation of world-class expertise to identify and develop new radiopharmaceutical treatments for a wide range of cancers.”
In addition to initiating the next phase of clinical development for CONV01-α, Convergent Therapeutics is pursuing additional radioantibody targets to treat cancer. The company is currently evaluating other in-licensing and pipeline acquisition opportunities.