AdvanCell Secures $112M Series C Funding for Targeted Alpha Radiopharma Trial

Australian radiopharmaceutical company AdvanCell has successfully raised $112 million in a Series C funding round, led by Sanofi Ventures and other prominent investors. The funding will support the development of the company's lead candidate, ADVC001, a Pb-212-based radionuclide treatment currently in a phase 1/2 dose-escalation trial for metastatic prostate cancer.

Investors and Funding Details

The oversubscribed Series C round was co-led by SV Health Investors, Sanofi Ventures, Abingworth, and SymBiosis. Morningside, which previously led AdvanCell's $18 million Series B in 2022, also participated alongside new investors Tenmile and Brandon Capital.

Jamil Beg, partner at SV Health Investors, expressed confidence in AdvanCell's potential, stating, "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."

AdvanCell's Focus and Potential

Founded in 2019, Sydney-based AdvanCell aims to revolutionize cancer treatment through targeted alpha therapies. The company's lead candidate, ADVC001, is being developed as a potential best-in-class targeted alpha therapy for metastatic prostate cancer.

Andrew Adamovich, CEO of AdvanCell, highlighted the significance of the funding, saying, "Today's funding ensured the company is well-positioned to scale our manufacturing operations and progress our cutting-edge therapies towards commercialization."

Industry Context and Big Pharma Interest

The substantial investment in AdvanCell reflects a growing interest in targeted alpha therapies within the pharmaceutical industry. Recent years have seen several high-profile acquisitions in this space, including:

• AstraZeneca's $2 billion buyout of Fusion Pharmaceuticals
• Bristol Myers Squibb's $4.1 billion acquisition of RayzeBio
• Eli Lilly's $1.4 billion absorption of Point Biopharma Global

These moves underscore the potential of targeted alpha therapies in transforming cancer treatment approaches and highlight the competitive landscape in which AdvanCell operates.