NEW YORK – Convergent Therapeutics on Wednesday said it has raised $90 million in a Series A financing round that it will use to further develop its radiopharmaceutical pipeline.
The funding round was led by OrbiMed and RA Capital Management and included participation from Invus. Convergent will use the funds from the round to develop its lead candidate, CONV01-α, a PSMA-targeted radio-antibody that it is studying in a Phase I/II trial in metastatic castration-resistant prostate cancer.
"This financing is an important milestone for Convergent and accelerated development of novel radio-antibodies, beginning with CONV01-α," Convergent CEO Philip Kantoff said in a statement. "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."
The Cambridge, Massachusetts-based firm is also exploring CONV01-α in combination with Point Biopharma's PSMA-targeted radioligand PNT2002 in a Phase I/II trial involving advanced castration-resistant prostate cancer patients. The firm is developing other undisclosed radio-antibody targets and is exploring in-licensing and pipeline acquisition opportunities.