AdvanCell, a clinical-stage radiopharmaceutical company developing innovative cancer therapeutics, has successfully completed an oversubscribed US$112 million Series C financing.
This funding round was co-led by SV Health Investors, Sanofi Ventures, Abingworth, and SymBiosis. Additional support came from existing investor Morningside, alongside new investors Tenmile, Brandon Capital, and others.
Since its founding in June 2019, AdvanCell has focused on the development of Targeted Alpha Therapy, with a global organisation of 60 people, a 40,000-square foot manufacturing facility, pre-clinical infrastructure, a candidate for prostate cancer that is in trials, and a developing pipeline of assets.
This financing will support the company's ongoing efforts to expand its manufacturing capacity, accelerate the clinical development of its pipeline of radionuclide therapies, and advance its mission of delivering life-changing treatments to cancer patients worldwide.
AdvanCell is currently enrolling patients for the highest dose cohort of its multi-centre TheraPb Phase 1/2 dose escalation clinical trial of ADVC001 for metastatic prostate cancer. The trial aims to demonstrate the safety and efficacy of Pb-212-based radionuclide treatment.
Jamil M. Beg from SV Health Investors, Christopher Gagliardi from Sanofi Ventures, and Bali Muralidhar from Abingworth joined the AdvanCell board of directors as part of the financing. They bring extensive industry expertise to support the company’s growth and join existing directors Bill Ferris AC, Anthony Aiudi, Kevin Cameron, and Andrew Adamovich.
Jamil M. Beg, Partner at SV Health Investors, said, “We are delighted to support AdvanCell’s growth and play a role in its remarkable journey through leading this oversubscribed Series C. 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. We are excited to help AdvanCell realize its potential in transforming cancer care globally.”
“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. With this funding, AdvanCell is well-positioned to scale our manufacturing operations and progress our cutting-edge therapies towards commercialisation.”