A Sydney-based clinical-stage radiopharmaceutical company developing novel cancer therapeutics has raised US$112 million (AUD$177 million) in a Series C funding round co-led by SV Health Investors, Sanofi Ventures, Abingworth and SymBiosis.

Founded in 2019 by Andrew Adamovich, AdvanCell is working on new cancer treatments using a special type of radiation therapy known as Targeted Alpha Therapy (TAT), which uses alpha particles from radioactive isotopes – in this case, Lead-212 – to selectively attack cancer cells while minimising damage to healthy tissue.

The biotech company is developing TAT for various cancers, including prostate, skin, pancreatic, breast, bladder, colorectal, kidney, lung, and ovarian cancer.

The latest capital injection will fuel the company’s ongoing efforts to expand its manufacturing capacity and accelerate the clinical development of its radionuclide therapies in a bid to help cancer patients worldwide.

Additional support for the raise came from existing investor Morningside, alongside new investors Tenmile and Brandon Capital, amongst others.

“This successful Series C round demonstrates strong confidence in our vision and capabilities,” said AdvanCell founder and CEO Adamovich.

“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 commercialisation.”

AdvanCell is currently testing the highest dose of its new prostate cancer treatment (ADVC001) in a clinical trial. This treatment, which uses TAT with Lead-212, aims to prove that it is safe and effective for patients with advanced prostate cancer.

The news of today’s raise comes more than 2 years since the company announced it had secured $18 million in a Series B funding round led by Morningside to help advance the development of its early-stage TAT treatments. Since its inception, the company has grown to a team of 60, with a 40,000-square-foot manufacturing facility in Brisbane.

As part of the financing, SV Health Investors partner Jamil M. Beg, Sanofi Ventures principal Christopher Gagliardi, and Abingworth managing partner, chief investment officer and COO Bali Muralidhar have joined the AdvanCell board of directors. The trio will join existing directors Bill Ferris AC, Anthony Aiudi, Kevin Cameron, and Andrew Adamovich.

“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,” M. Beg said.

“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.”

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