Convergent Therapeutics Announces $90 Million Series A Financing to Advance the Clinical Development of Radiopharmaceuticals for the Treatment of Prostate Cancer and Other Solid Tumors
Summary
Philip Kantoff and Neil Bander, both Physicians Recognized for their Pioneering Work in Prostate Cancer and the Field of PSMA Imaging and Theranostics CAMBRIDGE, Mass., May 3, 2023 /PRNewswire/ -- Convergent Therapeutics Inc., a clinical-stage biotechnology company focused on the development of next-generation radiopharmaceuticals for the treatment of cancer, today announced the completion of a $90 million Series A financing, led by OrbiMed and RA Capital Management with participation from Invus. 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. A key functional feature of CONV01- 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. OrbiMeds team of over 100 professionals is based in New York City, San Francisco, Shanghai, Hong Kong, Mumbai, Herzliya, and other key global markets. Examples include Moderna, BioNTech, Scholar Rock, Seer, Morphic, Generation Bio, Thrive Earlier Detection, Erasca, ElevateBio, Scorpion Therapeutics, and Schrodinger.