Convergent Raises $90 Million for Prostate Cancer Drug
- Posted by ISPE Boston
- On May 18, 2023
Cambridge-based Convergent Therapeutics has completed a $90 million Series A financing that will support development of a pipeline of novel radioantibodies, including its lead program with CONV01-α for the treatment of advanced prostate cancer. Convergent is a clinical-stage biotech focused on developing next-generation radiopharmaceutical therapies for prostate and other cancers.
“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,” said Convergent CEO Dr. Philip Kantoff. “This financing is an important milestone for Convergent and accelerated development of novel radioantibodies, beginning with CONV01-α.”
CONV01-α, a monoclonal antibody conjugated to actinium-225 (Ac-225), a radioactive alpha particle emitter, was specifically designed to bind to the prostate-specific membrane antigen (PSMA). A key functional feature of CONV01-α is that once bound to PSMA, it becomes internalized, delivering its powerful radioactive payload directly into prostate cancer cells while minimizing damage to surrounding healthy tissue. CONV01-α has the potential to be the first Ac-225 radioantibody approved for use in prostate cancer treatment.
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. (Source: Convergent Therapeutics Website, 03 May, 2023)