Sydney-based AdvanCell has successfully raised US$112 million in an oversubscribed Series C financing round to advance its pipeline of innovative radiopharmaceutical cancer therapies. The funding was co-led by SV Health Investors, Sanofi Ventures, Abingworth, and SymBiosis, with additional support from existing investor Morningside and new investors including Tenmile and Brandon Capital.
The substantial investment comes as AdvanCell progresses its lead candidate ADVC001, a Pb-212-based Targeted Alpha Therapy for metastatic prostate cancer, through clinical trials. The company is currently enrolling patients for the highest dose cohort of its multi-center TheraPb Phase I/II dose escalation trial, which aims to demonstrate the safety and efficacy of this potentially best-in-class treatment.
"This successful Series C round demonstrates strong confidence in our vision and capabilities," said Andrew Adamovich, CEO of AdvanCell. "We are grateful for the continued support from our existing investors, particularly the long-term support from Morningside, and are excited to welcome new partners who share our commitment to transforming cancer care."
Rapid Growth in Radiopharmaceutical Development
Since its founding in June 2019, AdvanCell has experienced remarkable growth, evolving from a concept focused on the potential of Targeted Alpha Therapy into a global organization with 60 team members. The company now operates a 40,000-square-foot manufacturing facility and has built world-class pre-clinical infrastructure to support its developing pipeline of radiopharmaceutical assets.
The new funding will fuel AdvanCell's ongoing efforts to expand manufacturing capacity, accelerate clinical development of its pipeline of radionuclide therapies, and advance its mission of delivering life-changing treatments to cancer patients worldwide.
Jamil M. Beg, Partner at SV Health Investors, expressed enthusiasm about the investment: "We have looked long and deep at the field of radionuclide therapies and are confident that AdvanCell stands out with a first-in-class Pb-212-PSMA program and a best-in-class manufacturing platform. The company's exceptional team, technologies, robust infrastructure, collaborations with some of the world's largest pharma companies and ability to consistently execute, position it to truly change outcomes for patients."
The Promise of Pb-212 Targeted Alpha Therapy
AdvanCell was founded on the belief that Targeted Alpha Therapies could transform cancer treatment and that ensuring scalable supply of isotopes would enable the development of multiple practice-changing drugs. The company's approach leverages the radiobiological and physical attributes of Pb-212 to create potentially more effective cancer treatments.
Radiopharmaceutical therapies have already demonstrated significant impact in treating prostate cancer and gastroenteropancreatic neuroendocrine tumors. AdvanCell's Pb-212 Targeted Alpha Therapy aims to further advance this progress by offering potentially more precise and potent treatment options.
Strategic Board Additions
As part of the financing, three industry veterans have joined AdvanCell's Board of Directors: Jamil M. Beg from SV Health Investors, Christopher Gagliardi from Sanofi Ventures, and Bali Muralidhar from Abingworth. They bring extensive expertise to support the company's growth and join existing directors Bill Ferris AC, Anthony Aiudi, Kevin Cameron, and Andrew Adamovich.
The Series C funding represents a significant milestone in AdvanCell's journey to become a global leader in radionuclide-based cancer therapeutics. With this substantial financial backing, the company is well-positioned to scale its manufacturing operations and progress its cutting-edge therapies toward commercialization.
Market Context and Potential Impact
The radiopharmaceutical market has seen increasing interest and investment in recent years, with several major pharmaceutical companies making strategic acquisitions and partnerships in this space. Targeted radiotherapies offer the potential for more precise treatment of cancer with potentially fewer side effects compared to conventional approaches.
AdvanCell's focus on Pb-212-based therapies represents a specialized approach within this growing field. Lead-212 has specific physical properties, including its half-life and decay characteristics, that make it potentially valuable for targeted cancer treatment when coupled with appropriate targeting molecules.
The company's progress with its manufacturing infrastructure addresses one of the key challenges in radiopharmaceutical development – ensuring reliable, scalable production of short-lived radioactive isotopes. This capability could prove to be a significant competitive advantage as AdvanCell advances its clinical programs and explores potential partnerships.
With this substantial funding secured, AdvanCell is positioned to accelerate its development programs and potentially bring new therapeutic options to cancer patients with significant unmet medical needs.
