Belgian biotech tries to tackle aggressive tumors
Our expert's opinion
"Belgian Biotech Convert Pharmaceuticals ready to start clinical trials after latest funding effort of 13.6 million Euro. The company aims to bring a solution to aggressive and resistant tumors with its candidate CP-506. The Liege area keeps on supporting the Biotech Sector and we keep seeing new players emerge in the search for innovative Healthcare solutions."
- Jorge Alfonso, Associate Consultant
BRIEF — Belgian biotech raises 13.6 million euros with promise of new approach to tackling aggressive and resistant tumors
Belgium-based biotech Convert Pharmaceuticals has been granted a total of 13.6 million euros ($16.5 million) in equity and non-dilutive funding by a series of investors.
The funds will be used to prepare and conduct initial clinical studies with Convert’s lead anti-cancer drug, which may bring a novel approach to tackling certain aggressive and resistant tumors, the company says.
This drug, CP-506, is designed to leverage tumor hypoxia, which occurs wherever tumor cells are deprived of oxygen. Tumor hypoxia promotes the development of aggressive tumors, which are resistant to chemo-, immuno-, and radiotherapy, and is strongly associated with poor clinical outcome.
CP-506 is a hypoxia-activated prodrug (HAP), designed as a nitroaromatic analogue with highly optimized drug-like properties. Successful in vitro and in vivo proof of concept studies have confirmed the outstanding anti-cancer potential of this HAP.
Investors in Convert include Droia Oncology Ventures, one of the founders of the company, along with other venture capital firms. There is also non-dilutive support from the Walloon region and the European Eurostars program.
Source: The Pharma Letter