Convert Pharmaceuticals, a Liège, Belgium-based developer of tumor-microenvironment modulated prodrugs, received a €13.6m in equity and non-dilutive funding.
Backers included Droia Oncology Ventures, Meusinvest and Spinventure, with non-dilutive support by the Walloon region and the European Eurostars program.
The funds will be used to prepare and conduct initial clinical studies with the company’s lead anti-cancer drug, which may bring a novel approach to tackling certain aggressive and resistant tumors.
Co-founded by Droia, Prof. Dr. Philippe Lambin, Paul Tulcinsky, and Nicolas Geûens, Convert develops tumor-microenvironment modulated prodrugs. Its lead drug candidate, CP-506, is a hypoxia-activated cytotoxin designed by Prof. A. Patterson and Prof. J. Smaill from the University of Auckland, New Zealand. The drug improves the activity, specificity and safety relative to older hypoxia-activated prodrugs.