Boston — AdvanCell has closed an oversubscribed and upsized $315 million Series D financing to advance its lead prostate cancer therapy, expand its radiopharmaceutical manufacturing infrastructure and accelerate its pipeline of targeted alpha therapies.
The financing was led by Ally Bridge Group and co-led by Alpha Wave. New investors included Bain Capital Life Sciences, Fidelity Management & Research Company, funds and accounts advised by T. Rowe Price Associates, Inc., a sovereign wealth fund, Eventide Asset Management and Velosity Capital.
Existing investors 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 also participated.
AdvanCell is developing targeted alpha therapies based on Lead-212, a radioactive isotope designed to deliver potent radiation directly to cancer cells. The company has built a vertically integrated platform encompassing isotope supply, automated manufacturing and scalable production.
The proceeds will support the advancement of ADVC001 toward Phase 3 development in metastatic prostate cancer. AdvanCell will also strengthen its Lead-212 isotope supply, expand its U.S. manufacturing infrastructure and move additional targeted alpha therapy programs into clinical development.
“This financing marks a transformational milestone for AdvanCell and reflects the conviction of an exceptional investor syndicate in the potential of ADVC001 and the innovation behind our vertically integrated Lead-212 platform,” said Philina Lee, Ph.D., Chief Executive Officer, AdvanCell. “Building on our recent leadership appointments and U.S. expansion, this financing puts us in a strong position to enter our next stage of growth and execution, advancing our lead therapy ADVC001 toward registrational development, expanding isotope supply and manufacturing infrastructure to support Phase 3 and future commercial demand, and progressing our Lead-212 pipeline into the clinic. Together, these priorities establish a clear path towards a diversified clinical pipeline with the goal of bringing the promise of targeted alpha therapy to more patients with cancer.”
ADVC001 is an investigational Lead-212 prostate-specific membrane antigen-targeted therapy currently being evaluated in a Phase 2 clinical study.
The treatment is designed to selectively deliver alpha radiation to tumor cells while limiting radiation exposure to healthy tissue. AdvanCell said the therapy could address limitations of existing PSMA radioligand treatments, including treatment resistance, tolerability concerns and the need for improved dose optimization.
ADVC001 has demonstrated encouraging anti-tumor activity and favorable tolerability in a Phase 1b study involving patients with prostate cancer, according to the company.
“The companies poised to lead the next generation of targeted alpha therapies will be those that combine differentiated clinical assets with end-to-end control over supply and manufacturing,” said Andrew Lam, PharmD, Managing Director, Head of Biotech Private Equity at Ally Bridge Group. “AdvanCell has assembled that foundation through its de-risked lead program, vertically integrated platform and experienced leadership team, uniquely positioning the company to execute at scale and emerge as a potential category leader.”
“The most enduring healthcare companies combine breakthrough science with the infrastructure and expertise to repeatedly develop new medicines,” said Nik Economopoulos, Director, Life Sciences Investments, Alpha Wave. “We believe AdvanCell is building that kind of generational company, with the platform, manufacturing capabilities and pipeline to unlock the full potential of targeted alpha therapies.”
Lam and Economopoulos will join AdvanCell’s Board of Directors in connection with the financing.
