Sydney, Australia-based radiopharmaceutical company with platform technology for cancer treatment, AdvanCell, closed its Series B funding at A$18 million. The company announced the closure of financing on August 24, 2022.
Morningside led the financing for the firm. As a part of the deal, Anthony Aiudi from Morningside is appointed to serve the Board of AdvanCell.
Purpose of funding by AdvanCell
With the latest Series B financing, the company intends to accelerate growth. It has plans to advance the lead clinical program 212Pb-ADVC001, a treatment for metastatic prostate cancer.
Meanwhile, AdvanCell aims to expand its manufacturing platform footprint. Further, the platform seeks progress in internal and partnership programs.
What the founder of AdvanCell has to say
Andrew Adamovich, CEO and Founder of AdvanCell, said, “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.'”
What the Morningside official has to say
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.”
What the co-founder of CPE has to say
Bill Ferris, AC, Chair, said, “Our executive team has articulated a credible preclinical 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 preclinical 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.”
About AdvanCell
Andrew Adamovich launched the company in 2019. The Australia-based company is a radiopharmaceutical platform that develops next-generation cancer treatment. A platform technology powers AdvanCell’s Targeted Alpha Therapies. Its technology is the world-first alpha isotope generator. It addresses the unmet need in Targeted Alpha Therapy, i.e. the reliable and scalable supply of isotopes.
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