AdvanCell, a clinical-stage radiopharmaceutical company developing innovative cancer therapeutics, today announced the successful completion of an oversubscribed $112 million Series C financing. This milestone funding round was co-led by SV Health Investors, Sanofi Ventures, Abingworth, and SymBiosis. Additional support came from existing investor Morningside, along with new investors Tenmile, Brandon Capital, and others.
Since launching in June 2019, AdvanCell has grown from a belief in the potential of Targeted Alpha Therapy into a global organization with 60 passionate team members, a 40,000-square-foot manufacturing facility, world-class pre-clinical infrastructure, a potentially sophisticated drug for prostate cancer that is in trials, and a deep and developing pipeline of assets.
This funding will advance AdvanCell’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 now enrolling patients for the highest dose cohort of its multi-center TheraPb Ph I/II dose escalation clinical trial of ADVC001 for metastatic prostate cancer, a potentially best-in-class Targeted Alpha Therapy. And the trial aims to demonstrate the safety and efficacy of Pb-212-based radionuclide treatment.
As part of the funding, Jamil M. Beg from SV Health Investors, Christopher Gagliardi from Sanofi Ventures, and Bali Muralidhar from Abingworth have joined the AdvanCell Board of Directors. And they bring industry expertise to support the company’s growth and join existing directors Bill Ferris AC, Anthony Aiudi, Kevin Cameron, and Andrew Adamovich.
AdvanCell was launched on the belief that Targeted Alpha Therapies could change the course of cancer treatment and that the scalable supply of isotopes would enable the development of multiple practice-changing drugs. And radionuclide therapies for prostate cancer and gastroenteropancreatic neuroendocrine tumors have transformed patient care. Pb-212 Targeted Alpha Therapy has the potential to further advance this progress by utilizing the radiobiological and physical attributes of Pb-212 to make life-changing treatments for patients.
KEY QUOTES:
“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.”
- Jamil M. Beg, Partner at SV Health Investors
“This successful Series C round demonstrates strong confidence in our vision and capabilities. 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 commercialization.”
- Andrew Adamovich, CEO of AdvanCell
