Convert Pharmaceuticals, a pioneering Belgian biotech company, has announced the successful initiation of its Phase I-IIa clinical trial for CP-506, a novel hypoxia-activated prodrug, marking a significant milestone in the fight against cancer treatment resistance. This development rekindles optimism in a high potential field pioneered by Threshold Pharma's Merck-backed candidate, which paved the way for continued advancements.

The company's progress has been recognized with a prestigious €2.5 million grant from the European Innovation Council (EIC) Accelerator program, as it concurrently raises an 8-figure Series A to complete the clinical trial phase I-IIa.

CP-506: Promising Start to Tackling Hypoxia, a Persistent Challenge in Oncology

With a prevalence of more than 50% in solid tumors, hypoxia remains one of the most critical and unresolved challenges in oncology. Tumor hypoxia is characterized by low oxygen levels in parts of solid tumors, and has long been associated with increased malignancies and treatment resistance across various modalities, particularly for immunotherapy (cf. Figure 1 below).

Convert Pharma’s CP-506 Hypoxia-Activated Prodrugs (“HAP”) “is a next-generation of HAP designed to selectively activate in hypoxic regions in a broad range of solid tumors” say J. Smaill and A. Patterson, co-inventors of the drug from the University of Auckland (cf. details in Figure 2 below). “The pre-clinical results displayed strong anti-tumoral effects, superior pharmacokinetic properties, and a doubling of positive response to several immunotherapies when combined with CP-506”.

Having just started its Phase I-IIa clinical trial, CP-506 adopts a tumor-agnostic approach and has shown encouraging results in its first patient treatment cycle, with no signs of toxicity reported. The TUMAGNOSTIC trial has enrolled patients in the Netherlands, with additional centers opening soon in Belgium and Spain.

Dr. Lambin, Founder & CEO, concludes: "I am very pleased to see that our patient with pancreatic cancer has well tolerated its treatment cycle. It is a significant milestone for us and for this type of treatment.”

To enhance patient outcomes and increased trial success, Convert Pharma is leveraging companion AI- and genetic biomarkers, a first for a HAP’s clinical trial. This cutting-edge, personalized medicine approach is designed to identify patients most likely to benefit from CP-506, integrating seamlessly with existing standards of care.

Dr. Barry Selick, former CEO of Threshold Pharma, commented, “Despite the progress made in recent years with immuno-oncology approaches for cancer treatment, truly effective therapies for solid tumors remain elusive. Convert Pharma has impressively built on the foundation established by our earlier work at Threshold Pharmaceuticals. CP-506 incorporates the best design principles from those efforts, and Convert’s early results, including their innovative biomarker strategy, are promising. I am confident that the team has all the necessary elements in place to develop a significant therapeutic for this critical unmet need, which is a hallmark of virtually all solid malignancies.”

€2.5M European Grant and Ongoing Series A

Evaluated by a panel of experts, Convert Pharmaceuticals was awarded the maximum €2.5 million non-dilutive grant from the highly competitive European Innovation Council (EIC) Accelerator program, which boasts a mid single-digit acceptance rate. This funding underscores the company's innovative potential and supports its ongoing 8-figure Series A round, targeted for completion by the end of this year.

Brice Van Eeckhout, COO of Convert Pharma, concluded, "This grant is a strong endorsement of our scientific approach and clinical capabilities. With seasoned investors joining us, we are well-positioned to accelerate our clinical development programs and bring CP-506 to the patients who need it most."

Note: This press release contains forward-looking statements. Actual results may differ materially from those projected or implied in such statements.