Convergent Therapeutics raises $90 million for radiopharmaceuticals
Convergent Therapeutics Inc., a clinical-stage biotechnology company focused on developing next-generation radiopharmaceuticals for cancer treatment, today announced the completion of a $90 million Series A financing.
Funding led by OrbiMed and RA Capital Management with participation from Invus.
Funding will support the development of new radioantibody channels, including its main program with CONV01-α, for the treatment of advanced prostate cancer.
Philip Kantoff, CEO of Convergent, and Neil Bander, chief scientific adviser to Convergent, founded the company with technology developed at Bander Lab and licensed from Cornell University. Bander is the Bernard & Josephine Chaus Professor of Urological Oncology at Weill Cornell Medicine. Bander and his colleagues were the first to validate prostate-specific membrane antigen (PSMA) as a cancer target.
“While much progress has been made in finding 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 Convergen and the accelerated development of new radioantibodies, starting with CONV01-α. We view this program as a best-in-class targeted treatment for prostate cancer and will advance the clinical development of CONV01-α in the near future. With the founding of Convergent, our focus is on combining world-class expertise to identify and develop new radiopharmaceutical treatments for various types of cancer.”
As well as starting the next phase of clinical development for CONV01-α, Convergent Therapeutics is pursuing additional radioantibody targets to treat cancer. The company is currently evaluating acquisition opportunities in licensing and other pipelines.