Venture Capital: Convergent Therapeutics Lands $90M For Treatment Of Cancers Using Radiopharmaceuticals
The Convergent lead program focuses on treatment of advanced prostate cancer.
Convergent Therapeutics Inc., a clinical-stage biotech firm specializing in developing next-generation radiopharmaceuticals for cancer treatment, has completed a $90 million Series A financing led by OrbiMed and RA Capital Management, with Invus participating.
The funds will aid in the development of a pipeline of novel radioantibodies, including its lead program, CONV01-α, for treating advanced prostate cancer. Convergent’s co-founders are Dr. Philip Kantoff, former Chairman of the Department of Medicine at Memorial Sloan Kettering Cancer Center, and Dr. Neil Bander, a urologic oncology professor at Weill Cornell Medicine, who were also the first to validate PSMA as a cancer target. (CISION PR NEWSWIRE)
CONV01-α is viewed as a best-in-class, targeted treatment for prostate cancer, and Convergent Therapeutics intends to advance its clinical development soon. The company intends to pursue additional radioantibody targets for cancer treatment while also evaluating in-licensing and pipeline acquisition opportunities.
The radioantibody approach of the company is ideally suited to treat cancer and develop effective treatments, said Tal Zaks, M.D., Ph.D., Partner at OrbiMed.
The radioantibody technology of Convergent Therapeutics is an exciting approach to radiopharmaceuticals, according to Jake Simson, Ph.D., Partner at RA Capital Management, who also added that Convergent is well-positioned.
Related Story: The FDA Clears ProstatID, An AI That Helps Detect Prostate Cancer From MRIs
Photo by National Cancer Institute on Unsplash
Latest Alternative Investment News
FinTech: Adyen Launches ‘Payout Services’ For Faster Payouts To The Gig And SMB Economies
Adyen, a global financial technology platform, has launched Payout Services, allowing its customers to make instant payouts to their users or partners. By connecting directly to real-time payment rails, Adyen’s…
Digital Assets: Oracle Red Bull Racing Seeks To Digitize Engagement With Fans On The Sui Blockchain
Oracle Red Bull Racing has announced a multi-year partnership with software company Mysten Labs to collaborate on Sui, which will serve as the team’s Official Blockchain partner. Sui, a Layer…
Venture Capital: Bold, L’Oréal’s Venture Capital Fund, Buys A Stake In Exotic Cosmetic Ingredient Maker Debut
L’Oréal’s (EPA: OR) corporate venture capital fund, BOLD, has announced a minority investment in Debut, a US biotech company specializing in the discovery, formulation, and manufacture of novel ingredients and…
Artificial Intelligence: In Flight Simulation, An AI Drone Tries To Kill Its Own Handler
During a simulated test at a London summit, an AI-controlled drone turned against its human operator, raising significant ethical concerns. Air Force Colonel Tucker “Cinco” Hamilton shared the incident, which…