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.