AdvanCell has raised $112 million in a Series C fundraising round supported by Sanofi Ventures. The Australian radiopharmaceutical firm is using the funds to conduct a study for its primary candidate for prostate cancer.
ADVC001, a therapy that uses the Pb-212-based radionuclide, is now being tested in a phase 1/2 dose-escalation study for metastatic prostate cancer. AdvanCell hopes that ADVC001 will demonstrate that it is the most effective targeted alpha treatment available in the market.
In recent years, targeted alpha therapies, which are a type of radionuclide treatment, have gained the attention of major pharmaceutical companies. This includes AstraZeneca’s $2 billion purchase of Fusion Pharmaceuticals, Bristol Myers Squibb’s $4.1 billion takeover of RayzeBio, and Eli Lilly’s acquisition of Point Biopharma Global for nearly $1.5 billion.
AdvanCell was established in 2019 in Sydney with the premise that targeted alpha medicines might transform the path of cancer therapy and that the expandable supply of isotopes could enable the creation of several practice-changing medications. Since its establishment, the firm AdvanCell has evolved into a global organization with 60 dedicated staff members, a 40,000-square-foot production location, exceptional preclinical infrastructure, a treatment for prostate cancer undergoing trials, and the potential to be the best in its class, and a deep and expanding pipeline of assets.
SV Health Investors, Abingworth, Sanofi Ventures and SymBiosis were the co-leads of the oversubscribed Series C round. Morningside, which spearheaded AdvanCell’s $18 million series B in 2022, as well as new investors such as Tenmile and Brandon Capital, also took part in the investment.
“We are delighted to support AdvanCell’s growth and play a role in its remarkable journey through leading this oversubscribed Series C,” Jamil Beg, partner at SV Health Investors, stated. “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.”
He added that the company’s outstanding team, advanced technologies, strong infrastructure, partnerships with leading pharmaceutical firms, and consistent execution capabilities place it in a strong position to significantly improve patient outcomes. He expressed enthusiasm about supporting AdvanCell in achieving its goal of revolutionizing cancer treatment worldwide.
Andrew Adamovich, the CEO of AdvanCell, said that the money received from the round guarantees that the firm is in a good position to expand its manufacturing operations and advance innovative medicines into commercialization. He expressed gratitude for the ongoing support from the investors, stressing the help of Monringside in particular.
AdvanCell is not the only radiopharmaceutical firm in Australia that has a lot of money to spend. Last year, Telix Pharmaceuticals planned to go public on the Nasdaq with an initial public offering (IPO) for $200 million. However, they decided against it at the last moment and have since begun a series of acquisitions, comprising RLS Radiopharmacies, Texas-based CDMO IsoTherapeutics, and ARTMS.
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