Sanofi-backed AdvanCell raises US $112 million in Series C funding

AUSTRALIA – AdvanCell, an Australian radiopharmaceutical company, has raised US $112 million in a Series C funding round, backed by Sanofi Ventures, as it progresses its lead candidate through a clinical trial for prostate cancer.

This investment will help the company take its promising treatments closer to commercialization.

The core of AdvanCell’s technology is its scalable alpha isotope manufacturing platform, which produces Pb-212, a promising radioisotope for targeted cancer therapies.

The company’s lead treatment, ADVC001, is currently undergoing a Phase I/II trial for metastatic castration-resistant prostate cancer. The trial, which aims to enroll 100 participants, is expected to be completed by the end of 2027.

In addition to prostate cancer, AdvanCell is also developing other treatments for melanoma (ADVC002) and pancreatic and breast cancers (ADVC003).

The company’s goal is for ADVC001 to become a leading treatment in the emerging field of targeted alpha therapies.

These types of radionuclide therapies have been gaining significant attention from major pharmaceutical companies.

Recently, AstraZeneca acquired Fusion Pharmaceuticals for US $2 billion, Bristol Myers Squibb bought RayzeBio for US $4.1 billion, and Eli Lilly acquired Point Biopharma Global for US $1.4 billion. These moves reflect growing interest in the potential of targeted alpha therapies.

AdvanCell, founded in 2019, was built on the belief that these therapies could change cancer treatment. The company is also focused on ensuring the scalable supply of isotopes to enable the development of multiple breakthrough drugs.

The Series C funding round, which was oversubscribed, was co-led by SV Health Investors, Sanofi Ventures, Abingworth, and SymBiosis. Other investors, such as Morningside, Tenmile, and Brandon Capital, also participated in the round.

“We are delighted to support AdvanCell’s growth and play a role in its remarkable journey through leading this oversubscribed Series C,” said Jamil Beg, partner at SV Health Investors.

“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.”

AdvanCell’s CEO, Andrew Adamovich, expressed that this funding will help the company expand its manufacturing capabilities and move forward with its cutting-edge therapies toward commercialization.

AdvanCell is not the only Australian radiopharmaceutical company with strong financial backing. Telix Pharmaceuticals, for example, recently considered a US $200 million IPO but decided instead to pursue acquisitions, including Texas-based CDMO IsoTherapeutics and others.

Meanwhile, Sanofi continues to invest in Pb-212-based therapies, recently committing €300 million (US $310 million) to Orano Med to develop radioligand therapies.