AdvanCell completes Series C financing round of $171m
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The news: Clinical-stage radiopharmaceutical company AdvanCell has completed an oversubscribed Series C financing round of $US112 million ($171 million), co-led by SV Health Investors, Sanofi Ventures, Abingworth, and SymBiosis.
The Sydney-based company has also appointed three new directors to its board following the capital raise.
The numbers: The funding comes less than six years after AdvanCell's founding in June 2019. The company has grown to 60 team members and operates a 40,000-square-foot manufacturing facility.
SV Health Investors, one of the lead investors, manages approximately $US2 billion in assets.
The context: The fresh capital will be used to expand manufacturing capacity and accelerate clinical development of its pipeline of radionuclide therapies for prostate cancer.
AdvanCell is conducting a multi-centre clinical trial called TheraPb for its ADVC001 treatment for metastatic prostate cancer. The company is enrolling patients for the highest dose cohort of its Phase I/II dose escalation trial, which aims to demonstrate the safety and efficacy of Pb-212-based radionuclide treatment.
What they said: "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," said Jamil M. Beg, partner at SV Health Investors.
The source: AdvanCell press release
