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12:00 AM
 | 
Oct 18, 2010
 |  BioCentury  |  Emerging Company Profile

Convergence: Toning down pain

Convergence, a GlaxoSmithKline spinout, focused on chronic pain

Convergence Pharmaceuticals Ltd. believes its state-dependent ion channel inhibitors can provide effective analgesia for chronic pain without the side effects associated with tonic ion channel blockers. On the back of a L22.4 million ($35.4 million) series A round, the company plans to start a Phase II trial for its lead molecule this year.

Convergence was spun out of GlaxoSmithKline plc this month after the pharma decided in February to discontinue discovery and development in selected neuroscience areas, including pain. Convergence acquired rights to two clinical compounds and six discovery programs for pain, and in return GSK received an 18% stake in the newco.

The series A round, the largest in the U.K. since PowderMed Ltd. raised £20 million in 2004, was provided by investors Apposite Capital, New Leaf Venture Partners and SV Life...

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