Convergence Pharmaceuticals Raises $35.4M in Series A Financing
Convergence Pharmaceuticals, a Cambridge, UK-based biotechnology company focused on the development of novel analgesics, has received a $35.4m Series A private equity financing.
Investors include New Leaf Venture Partners, Apposite Capital and SV Life Sciences.
The company, which was formed in October 2010 following the acquisition of certain neuroscience clinical assets from GlaxoSmithKline (GSK), has a pipeline of differentiated clinical-stage compounds targeting the points of convergence in chronic pain signaling through modulation of specific ion-channels.
Convergence will be led by Dr Clive Dix, together with a strong management team including former GSK scientific experts in the field of pain.
The funds will be used to accelerate the development of the company’s differentiated, clinical-stage programs, including a lead product candidate that is ready to begin Phase 2 clinical trials and a second program that is preparing to enter Phase 1.
In conjunction with with the financing, Liam Ratcliffe, M.D., Ph.D., Venture Partner at NLV Partners, will join Convergence’s board of directors.