Convergence Pharmaceuticals Announces Phase I Trial Start of CNV2197944 for Chronic Pain

By Convergence Pharmaceuticals, PRNE
Wednesday, April 20, 2011

First-time-in-man Study Initiated Ahead of Schedule

CAMBRIDGE, England, April 21, 2011 - Convergence Pharmaceuticals Limited ("Convergence"), the company focused
on the development of novel and high value analgesic medicines, today
announced that the first-time-in-man Phase I study of the novel, first in
class calcium channel blocker CNV2197944, for the treatment of chronic pain
has been initiated and dosing has begun.

The trial is a randomised, placebo controlled Phase I study to
investigate the pharmacokinetics, safety and tolerability of single ascending
orally administered doses of CNV2197944. CNV2197944 is proposed for
development initially as a treatment for neuropathic pain and pain associated
with osteoarthritis. The study is expected to conclude in Q3 2011.

CNV2197944 - a first in class molecule with potential to be a first in
class treatment

CNV2197944 is a novel, small molecule, state-dependent calcium channel
blocker, designed to selectively inhibit highly active Cav2.2 channels.
Preclinical studies demonstrated that CNV2197944 could have analgesic
potential for a broad range of chronic pain conditions. Extensive safety and
toxicology studies to support the clinical development of CNV2197944 have
also been completed, which suggest an excellent margin of safety and

Commenting on the announcement, Dr Simon Tate, Chief Scientific Officer
of Convergence Pharmaceuticals, said: "The start of the Phase I trial for
CNV2197944 represents an exciting step forward in the extensive research the
Convergence team has undertaken in the field of calcium channel blockers. We
believe that the unique mode of action of CNV2197944 has the potential to
increase the efficacy whilst minimising the unwanted side effects of current
pain treatments and will have a significant effect on the quality of life of
chronic pain sufferers."

Clive Dix, Chief Executive Officer of Convergence Pharmaceuticals, added:
"We are delighted to announce the start of this trial and to have begun the
first clinical trial in our Company's history ahead of schedule. Sufferers of
chronic pain are in desperate need of new innovative treatments and at
Convergence we believe we have unparalleled expertise to ensure the success
of this exciting molecule. We look forward to reporting the results of this
trial in Q3 and look forward with confidence to the next stage of the
clinical programme for CNV2197944."

The need for new drug treatments for chronic pain

The Pain therapeutic area encompasses any disease where pain is a major
symptom. The unmet medical need for patients in pain is enormous, with the
greatest need being for a more effective therapy that is well tolerated and
safe over a long period of time. Within the pain marketplace, current pain
treatments are unsatisfactory; overall efficacy is poor (typically 1-2 point
reductions on a 10 point scale) and satisfactory to less than 50% of
patients. Whilst treatments, such as opioids and non-steroidal
anti-inflammatory drugs, are available on the market, many patients obtain
little or no relief from these existing analgesics and often such drugs are
associated with adverse events, side effects and addiction concerns. This
highlights the importance of Convergence Pharmaceuticals' goals to develop
novel, efficacious analgesics with improved pharmacology and safety profiles.

About chronic pain

Currently, more than 1.5 billion people worldwide suffer from chronic
pain of varying degrees. Among all types of chronic pain, neuropathic pain
stands out with approximately 3-4.5% of the global population affected, with
incidence rate increasing in line with increased age of the population. With
the unmet clinical need so high, the demand for better pain management
therapies, addressing acute and chronic pain, is on the rise.

According to recent research the global pain management market is to
reach US$60 Billion by 2015.(1)


(1) Global Industry Analysts Inc. 2010, "Pain Management: A Global
Strategic Business Report".

About Convergence Pharmaceuticals

Convergence Pharmaceuticals is an independent biotechnology company
focused on the development of novel analgesics with potentially commercially
attractive efficacy, responder-rate and side effect profiles. The Company,
led by CEO Clive Dix, was formed in October 2010 following the acquisition of
certain neuroscience clinical assets from GlaxoSmithKline ("GSK").
Convergence Pharmaceuticals has a pipeline of differentiated clinical-stage
compounds targeting the points of convergence in chronic pain signalling
through modulation of specific ion-channels. Convergence Pharmaceuticals is
well funded and raised $35.4 million in Series A financing from a syndicate
of leading European and US financial institutions. For more information
please go to the Company's website at

    For more information about Convergence Pharmaceuticals, please contact:

    Convergence Pharmaceuticals
    Dr Clive Dix, Chief Executive Officer
    Dr Simon Tate, Chief Scientific Officer
    T: +44(0)1223-755-501

    Mary-Jane Elliott / Nick Francis / Amber Bielecka
    T: +44(0)20-7920-2330


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