Series D to advance ADVC001 and U.S. manufacturing
AdvanCell has closed an oversubscribed and upsized US $315 million Series D financing for its cancer pipeline. The clinical-stage radiopharmaceutical company operates from Boston and Brisbane, Australia.
Ally Bridge Group led the round, while Alpha Wave co-led it. New investors included Bain Capital Life Sciences, Fidelity Management & Research Company, funds and accounts advised by T. Rowe Price Associates, Inc., a leading sovereign wealth fund, Eventide Asset Management and Velosity Capital.
Existing investors also took part. They included Morningside, Eli Lilly and Company, SV Health Investors, Sanofi Ventures, Abingworth, SymBiosis, Tenmile, Brandon Capital, Piper Heartland, Catalio Capital Management, Proto Axiom and Time BioVentures.
The proceeds will move ADVC001 toward Phase 3 clinical development in metastatic prostate cancer. AdvanCell will also expand its proprietary Lead-212 platform, strengthen isotope supply and grow U.S. Manufacturing infrastructure.
ADVC001 is AdvanCell’s Lead-212 PSMA-targeted radioligand therapy for metastatic prostate cancer. The company is also using the financing to speed up its wider pipeline of targeted alpha therapies.
Targeted alpha therapy is entering a new era in oncology, but isotope supply and manufacturing limits have slowed broader adoption. AdvanCell’s platform combines secure isotope supply, automated manufacturing and scalable production.
That vertically integrated model is designed to support Phase 3 development and future commercial demand in the United States. It also aims to speed development and delivery of next-generation targeted alpha therapies.
Chief executive Philina Lee called the financing a transformational milestone for AdvanCell. She argued the investor syndicate showed strong conviction in ADVC001 and the company’s Lead-212 platform.
Andrew Lam and Nik Economopoulos
Following the financing, Andrew Lam of Ally Bridge Group and Nik Economopoulos of Alpha Wave will join AdvanCell’s board of directors. Their appointments come as the company pushes ADVC001 toward registrational development.
Lee also linked the round to recent leadership appointments and AdvanCell’s U.S. Expansion. “This financing puts us in a strong position to enter our next stage of growth and execution,” she said.
AdvanCell plans to use the capital to expand isotope supply, build more U.S. Manufacturing capacity and progress its Lead-212 pipeline into the clinic. Those steps are meant to support Phase 3 work and later commercial supply.
The company described the Series D as oversubscribed and upsized, meaning demand exceeded the original amount on offer.
