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AdvanCell closes A$18M Series B funding round

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Australian radiopharmaceutical company AdvanCell has announce an A$18 million Series B financing round.

The company has a platform technology for a new cancer treatment called Targeted Alpha Therapy.

Andrew Adamovich, CEO and Founder of AdvanCell noted:

“We are very pleased with our progress to date and delighted that we will continue our rapid growth with the support of our shareholders.

“We have had a long-term relationship with our lead investor, Morningside, and are excited to come closer still to our goal to ‘Change the Course of Cancer Treatment.’”

Targeted Alpha Therapies have been developed to treat currently untreatable cancers.

The technology harnesses the natural breakdown and radiochemical properties of specific elements, in combination with specific targeting molecules, to deliver cell-killing radiation to tumour cells.

AdvanCell believes that this treatment will soon become a leading cancer treatment for diseases for which there are no effective treatment options.

Targeted Alpha Therapies demonstrate significant efficacy. AdvanCell was established to deliver a scalable and reliable global isotope supply to help achieve widespread adoption.

Anthony Aiudi from Morningside commented:

“AdvanCell is leveraging its ability to make alpha isotopes at scale and in clinically useful amounts along with its radiochemistry expertise, to develop an exciting portfolio of Targeted Alpha Therapies.

“Targeted Alpha Therapies hold incredible promise however their development has been hamstrung by a lack of radioisotope supply.

“Together with the team at AdvanCell, we look forward to writing a new chapter in oncology, to target large patient populations with significant unmet needs.”

Bill Ferris AC, Chair remarked:

“Our executive team has articulated a credible pre-clinical and clinical pathway for the delivery of the Company’s novel Targeted Alpha Therapies.

“Having successfully developed the manufacturing platform essential for the reliable and scalable supply of isotopes, the Company is on schedule with its pre-clinical work and is now moving into first-in-human trials.

“AdvanCell is on track to become a leading radiopharmaceutical company with a platform technology enabling novel cancer treatments.”

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