AdvanCell Closes Oversubscribed $112M Series C Funding

AdvanCell Closes Oversubscribed $112M Series C Funding

AdvanCell, a pioneering clinical-stage radiopharmaceutical company focused on developing groundbreaking cancer therapeutics, has announced the successful closure of an oversubscribed US$112 million Series C financing round. This significant milestone highlights the confidence investors have in the company’s vision, innovative pipeline, and potential to revolutionize cancer treatment through Targeted Alpha Therapy (TAT).

Strong Investor Support and Strategic Growth

The Series C round was co-led by SV Health Investors, Sanofi Ventures, Abingworth, and SymBiosis, with additional participation from existing investor Morningside and new investors Tenmile and Brandon Capital, among others. This robust investor backing underscores AdvanCell’s position as a leader in the radionuclide therapy space and provides the financial resources necessary to advance its mission.

Since its establishment in June 2019, AdvanCell has evolved from a vision-driven startup to a globally recognized organization with a multidisciplinary team of 60 professionals. The company boasts a state-of-the-art 40,000-square-foot manufacturing facility, world-class preclinical research capabilities, and a growing portfolio of cutting-edge radiopharmaceutical assets. A key highlight of its pipeline is ADVC001, a potentially best-in-class therapy for metastatic prostate cancer currently in clinical trials.

Expanding Capabilities and Accelerating Clinical Development

The fresh influx of capital will be instrumental in scaling AdvanCell’s manufacturing infrastructure, accelerating the clinical development of its promising radionuclide therapies, and advancing its mission to deliver life-changing treatments to cancer patients worldwide. The company’s lead candidate, ADVC001, is currently progressing through the highest dose cohort of its multi-center TheraPb Phase I/II dose-escalation clinical trial. This investigational treatment utilizes Pb-212, a high-energy alpha-emitting isotope, to selectively target and destroy cancer cells while minimizing damage to surrounding healthy tissue.

With an increasing demand for innovative cancer treatments, AdvanCell is well-positioned to establish itself as a dominant player in the field of radiopharmaceuticals. The successful completion of the Series C round will allow the company to not only continue its clinical research but also enhance its commercial readiness in preparation for global market entry.

Expert Leadership and Strategic Vision

As part of this financing round, AdvanCell has welcomed three esteemed industry leaders to its Board of Directors:

  • Jamil M. Beg (SV Health Investors)
  • Christopher Gagliardi (Sanofi Ventures)
  • Bali Muralidhar (Abingworth)

These executives bring a wealth of experience in biotechnology, investment strategy, and commercial expansion. They join existing board members Bill Ferris AC, Anthony Aiudi, Kevin Cameron, and Andrew Adamovich in guiding AdvanCell’s strategic direction and fostering its continued growth.

Commenting on the investment, Jamil M. Beg of SV Health Investors expressed enthusiasm for AdvanCell’s potential:

“We are delighted to support AdvanCell’s growth and play a role in its remarkable journey through leading this oversubscribed Series C. We have extensively analyzed 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, and strategic collaborations position it to truly change outcomes for cancer patients globally.”

Pioneering Targeted Alpha Therapy for Cancer Care

AdvanCell’s research and development efforts are rooted in the belief that Targeted Alpha Therapy (TAT) has the potential to revolutionize cancer treatment. Traditional treatments like chemotherapy and external beam radiation often come with significant side effects and limited efficacy. TAT, on the other hand, offers a highly targeted approach, leveraging the unique properties of alpha-emitting isotopes like Pb-212 to deliver potent radiation directly to cancer cells.

Recent advancements in radionuclide therapies have already demonstrated promising outcomes in prostate cancer and gastroenteropancreatic neuroendocrine tumors. AdvanCell’s work with Pb-212 aims to push these breakthroughs further by offering more effective, scalable, and commercially viable treatments that could set new standards in oncology care.

CEO’s Vision for the Future

Reflecting on the successful Series C round, AdvanCell’s CEO, Andrew Adamovich, emphasized the importance of investor support in advancing the company’s mission:

“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 backing 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 toward commercialization.”

Positioned for Global Leadership in Radiopharmaceuticals

With the completion of this financing round, AdvanCell is now poised to make significant strides toward becoming a global leader in radionuclide-based cancer therapeutics. The company’s ability to seamlessly integrate advanced manufacturing, pioneering science, and strategic partnerships gives it a competitive edge in a rapidly evolving market.

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