Clinical-stage radiopharmaceutical company AdvanCell has raised US$315 million in an oversubscribed Series D financing round to accelerate the development of its targeted cancer therapies. The funding will support the company’s lead drug candidate for metastatic prostate cancer, expand its manufacturing capabilities, and strengthen its platform for developing next-generation targeted alpha therapies.
The financing round was led by Ally Bridge Group and co-led by Alpha Wave. Several new investors joined the round, including Bain Capital Life Sciences, Fidelity Management & Research Company, funds and accounts advised by T. Rowe Price Associates, a leading sovereign wealth fund, Eventide Asset Management, and Velosity Capital. Existing investors such as Eli Lilly and Company, Sanofi Ventures, SV Health Investors, Abingworth, Morningside, Brandon Capital, and several others also participated.
The new funding will help AdvanCell move its lead treatment, ADVC001, into Phase 3 clinical development for patients with metastatic prostate cancer. The company also plans to expand its proprietary Lead-212 technology platform, increase isotope supply, and grow its manufacturing operations in the United States to meet future clinical and commercial demand.
Targeted alpha therapy is considered one of the most promising new approaches in cancer treatment. Unlike traditional radiation therapy, it delivers highly targeted radioactive particles directly to cancer cells while reducing damage to surrounding healthy tissue. However, wider use of these therapies has been limited by shortages of medical isotopes and manufacturing challenges.
AdvanCell says it has addressed these issues by building a vertically integrated platform based on its proprietary Lead-212 technology. The platform combines a reliable isotope supply, automated manufacturing processes, and scalable production capabilities. The company believes this approach will allow it to develop and deliver targeted alpha therapies more efficiently.
Philina Lee, Ph.D., Chief Executive Officer of AdvanCell, described the financing as a major milestone for the company. She said the strong support from investors reflects confidence in both ADVC001 and the company’s Lead-212 platform.
According to Lee, the funding will enable AdvanCell to advance its lead therapy into late-stage clinical development, strengthen isotope supply, expand manufacturing infrastructure, and continue developing additional targeted alpha therapies for different types of cancer. She added that these investments will help build a diversified clinical pipeline with the goal of bringing new treatment options to more cancer patients.
Andrew Lam, Managing Director and Head of Biotech Private Equity at Ally Bridge Group, said companies that are likely to lead the future of targeted alpha therapy are those that combine strong clinical programs with complete control over manufacturing and supply. He believes AdvanCell has created that foundation through its lead drug candidate, integrated platform, and experienced management team.
Nik Economopoulos, Director of Life Sciences Investments at Alpha Wave, said successful healthcare companies combine scientific innovation with the infrastructure needed to repeatedly develop new medicines. He added that AdvanCell has the platform and manufacturing capabilities to unlock the full potential of targeted alpha therapies.
As part of the financing agreement, Andrew Lam and Nik Economopoulos will join AdvanCell’s Board of Directors.
AdvanCell’s lead drug candidate, ADVC001, is currently being evaluated in a Phase 2 clinical trial for metastatic prostate cancer. The investigational treatment is designed to target prostate-specific membrane antigen (PSMA), a protein found on prostate cancer cells. By delivering Lead-212 directly to tumors, the therapy aims to destroy cancer cells while limiting radiation exposure to healthy tissues.
The company reported that ADVC001 showed encouraging anti-tumor activity and a favorable safety profile in Phase 1b studies. These early results support further clinical development and also validate the broader potential of AdvanCell’s Lead-212 platform for treating other cancers.
With the new funding, AdvanCell is positioning itself to become a leading developer of targeted alpha therapies as demand for precision cancer treatments continues to grow worldwide.