Aikido secures early investment in Convergent’s next-gen radiotherapy

U.S-based biotechnology firm, Aikido Pharma has recently announced executing a USD 2 million Convertible Promissory Note Purchase Agreement with one of the prominent biopharmaceutical companies, Convergent Therapeutics, Inc.

This move would enable the former company to secure an early investment in Convergent. It would be pivotal to know that Convergent boasts of the exclusive rights to technology related to next-gen radiopharmaceutical therapy for prostate cancer.

It has been reported that Convergent is currently conducting advanced human trials pertaining to prostate cancer treatment involving PRRT (peptide receptor radionuclide therapy), that targets the prostrate-specific membrane antigen present on prostate cancer cells.

It is essential to note that the technology was designed under the direction and supervision of Profession of Urologic Oncology at Weill Cornell Medicine, Dr. Neil Bander.

Additionally, Convergent has now received approval to commence human trials using CONV 01-alpha and PSMA I&T in a dual therapy, which are likely to begin anytime soon. As per official sources, in these trials, the company would test PSAM I&T consisting either 177Lu, a beta particle emitter, or 225Ac.

Speaking of the novel move, CEO of Aikido, Anthony Hayes stated that its recent investment in Convergent’s technology is by far the most advanced technology in which it has participated. As the 1st human trial is wrapping up, the company is awaiting the data and results, while also looking forward to the remaining trials to begin imminently.

He added that participation in this work demonstrates a major and potentially transformative step for Aikido and the company is honored to be a part of this journey.

Anthony further cited that he anticipated the first results of the trial to be released in the next quarter. In his statement, he mentioned that the company would soon update its stakeholders once the data is released.

Apparently, this is not Aikido’s first initiative in securing agreements for various human clinical trials. The company had, in early January 2021, announced executing a Patent License Agreement for technology that covers the use of psilocybin for vivid cancer applications.

Source Credit: https://www.prnewswire.com/news-releases/aikido-pharma-secures-early-interest-in-next-generation-radiotherapy-301218840.html