On May 3, 2023 Convergent Therapeutics Inc., a clinical-stage biotechnology company focused on the development of next-generation radiopharmaceuticals for the treatment of cancer, reported the completion of a $90 million Series A financing, led by OrbiMed and RA Capital Management with participation from Invus (Press release, Convergent Therapeutics, MAY 3, 2023, View Source [SID1234630949]). 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.
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Dr. Philip Kantoff, Convergent CEO, and Dr. Neil Bander, Chief Scientific Advisor to Convergent, co-founded the company with technology developed in the Bander Lab and licensed from Cornell University. Dr. Bander is the Bernard & Josephine Chaus Professor of Urologic Oncology at Weill Cornell Medicine and is recognized worldwide for his contributions to prostate-specific membrane antigen (PSMA) biology and the related advancement of PSMA directed imaging and therapeutics. Dr. Bander and his colleagues were the first to validate PSMA as a target in cancer.
Dr. Kantoff is the former Chairman of the Department of Medicine at Memorial Sloan Kettering Cancer Center, former Chief of Solid Tumor Oncology at the Dana-Farber Cancer Institute and the Jerome and Nancy Kohlberg Chair Emeritus at Harvard Medical School. Dr. Kantoff contributed to the advancement of clinical biomarkers and multiple FDA-approved treatments for prostate cancer over his three decades of work as an academic oncologist.
"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 men1, representing a significant unmet need," said Dr. Kantoff. "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."
Tal Zaks, M.D., Ph.D., Partner at OrbiMed, said, "In our goal of improving healthcare for patients, we believe that Convergent Therapeutics’ radioantibody approach is ideally suited to treat cancer and bring effective breakthrough treatments to patients. We look forward to collaborating with the Convergent team, whose extensive expertise in prostate cancer, foundational leadership in radiopharmaceuticals and patient-focused mindset will be invaluable in taking the company forward."
Jake Simson, Ph.D., Partner at RA Capital Management, added, "We are proud to support Convergent and believe its radioantibody technology is an exciting approach to radiopharmaceuticals that will have significant implications for patients. As we witness encouraging progress in the radiopharmaceutical field with new emerging therapies to treat various types of cancer, we believe that Convergent is well-positioned."
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.
Citigroup acted as the sole placement agent for this transaction.