AdvanCell raises $112M for alpha radiopharma trial

AdvanCell, an Australian company in the radiopharmaceutical industry, has successfully secured $112 million in its series C funding round, which was notably backed by Sanofi Ventures. This financial milestone arrives as AdvanCell advances its principal drug candidate, ADVC001, through clinical trials targeting prostate cancer. The funding round was co-led by prominent investors, including SV Health Investors, Sanofi Ventures, Abingworth, and SymBiosis. Additionally, the round saw participation from previous investors such as Morningside, which had led a prior series B funding round of $18 million in 2022, and new investors like Tenmile and Brandon Capital.

ADVC001, a promising treatment based on the Pb-212 radionuclide, is presently undergoing a phase 1/2 dose-escalation trial. The focus of this trial is on patients with metastatic prostate cancer. AdvanCell aims to position ADVC001 as a leading targeted alpha therapy, a sector that has recently garnered substantial interest from major pharmaceutical companies. The appeal of targeted alpha therapies lies in their ability to offer a more precise attack on cancerous cells while minimizing damage to surrounding healthy cells. This interest has been reflected in significant acquisitions by major players in the pharmaceutical industry, such as AstraZeneca’s acquisition of Fusion Pharmaceuticals for $2 billion, Bristol Myers Squibb’s purchase of RayzeBio for $4.1 billion, and Eli Lilly’s acquisition of Point Biopharma Global for $1.4 billion.

Founded in 2019, AdvanCell is headquartered in Sydney and was established with a vision to revolutionize cancer treatment through targeted alpha therapies. The company emphasizes the importance of a reliable supply chain for isotopes to support the development of groundbreaking drugs. The recent series C funding will bolster AdvanCell's ability to scale its manufacturing operations and move its innovative therapies closer to market availability.

Jamil Beg, a partner at SV Health Investors, expressed enthusiasm about the company's future, stating their confidence in AdvanCell’s capabilities and innovative approach. He highlighted the company's Pb-212-PSMA program and its state-of-the-art manufacturing platform as factors that distinguish AdvanCell in the competitive field of radionuclide therapies. CEO Andrew Adamovich echoed this optimism, affirming that the funding positions the company advantageously to expand its manufacturing capabilities and advance its therapeutic offerings towards commercialization.

AdvanCell is not alone in the Australian radiopharmaceutical scene. Another notable player, Telix Pharmaceuticals, initially planned a $200 million IPO on Nasdaq but later opted for a series of strategic acquisitions instead. Telix's acquisitions encompassed Texas-based CDMO IsoTherapeutics, ARTMS, and RLS Radiopharmacies, illustrating a broader trend within the industry of consolidating capabilities and expanding market presence through strategic mergers and acquisitions.

Overall, AdvanCell’s successful funding round underscores the growing recognition and investment interest in targeted alpha therapies and their potential to transform cancer treatment paradigms. With strategic backing and a promising clinical pipeline, AdvanCell is poised to make significant strides in its mission to develop and commercialize innovative cancer therapies.