ARTICLE | Financial News

Convergence launches with $35.4 million

October 4, 2010 11:49 PM UTC

GlaxoSmithKline plc (LSE:GSK; NYSE:GSK) spun out Convergence Pharmaceuticals Ltd. (Cambridge, U.K.), which raised $35.4 million in a series A round from Apposite Capital; New Leaf Venture; and SV Life Sciences. GSK transferred eight neurology compounds to the new company, including two in the clinic: CNV1014802, a sodium channel voltage-dependent inhibitor that is preparing to begin Phase II testing in neuropathic pain; and CNV2197944, a calcium channel voltage-dependent inhibitor that is in Phase I testing for neuropathic and inflammatory pain, including osteoarthritis. GSK has a minority equity stake in Convergence. ...