Convergence Pharmaceuticals, a company launched with assets from GlaxoSmithKline (GSK), has raised $35.4 million (£22.4 million) from three investors.
Convergence Pharmaceuticals, a company launched with assets from GlaxoSmithKline (GSK), has raised $35.4 million (£22.4 million) from three investors.
Apposite Capital, New Leaf Venture Partners and SV Life Sciences invested in the Series A round, which will fund initial clinical trials of drugs for the treatment of chronic pain. The clinical-stage assets and intellectual property around the drugs have already been transferred from GSK to Convergence.
GSK has a minority equity stake in the Cambridge-based company, which is led by CEO Clive Dix together with a management team that includes former GSK employees.
Dix, who co-founded PowerMed which he sold to Pfizer for more than $300 million in 2006, comments, ‘Given market conditions, we are pleased to have raised such a significant amount of funding, one of the largest European biotechnology Series A funding rounds in recent years.’
Representatives from the three venture capital investors have joined the board of Convergence, namely Apposite Capital principal Chris Hollowood, New Leaf venture partner Liam Ratcliffe and SV managing partner Kate Bingham.
