Cancer treatment biotech AdvanCell injects $178 million Series C

Sydney clinical-stage radiopharmaceutical startup AdvanCell, which is developing innovative cancer therapeutics, has raised US$112 million (A$178m) in a Series C.

The round was co-led by US-UK fund SV Health Investors, Sanofi Ventures, Abingworth, and SymBiosis. Additional support came from existing investor Morningside, alongside new investors Tenmile, Brandon Capital, and others.

Founded in June 2019, AdvanCell was backed in 2021 by the NSW Health Medical Devices Fund, scoring $2.1 million grant for the ongoing development of its isotope generator to produce clinical doses of a high-value radionuclide – a nuclear medicine. The medtech previously raised an A$18 million Series B led by Morningside in 2022

AdvanCell is now developing a portfolio of targeted alpha therapies for the treatment of cancer including: prostate, skin, pancreatic, breast, bladder, colorectal, kidney, lung, and ovary.

They believe the scalable supply of isotopes would enable the development of multiple practice-changing drugs will change the course of cancer treatment in the same way radionuclide therapies for prostate cancer and gastroenteropancreatic neuroendocrine tumours have transformed patient care.

It’s now a global business with a team of 60, a 40,000-square-foot manufacturing facility in Brisbane, Queensland, opened in 2023, and drug trials for prostate cancer currently underway.

The new funds will be used to expand AdvanCell’s manufacturing capacity, accelerate the clinical development of its pipeline of radionuclide therapies, and advance its mission of delivering life-changing treatments to cancer patients worldwide.

Jamil M. Beg from SV Health, Sanofi’s Christopher Gagliardi and Bali Muralidhar from Abingworth joined the AdvanCell board, chaired by Australian OG VC and entrepreneur Bill Ferris, as part of the deal.

AdvanCell CEO Andrew Adamovich said the Series C backing “demonstrates strong confidence in our vision and capabilities” as they develop new treatments for cancer.

“We are grateful for the continued support from our existing investors, particularly the long-term support from Morningside and are excited to welcome new partners who share our commitment to transforming cancer care,” he said.

“With this funding, AdvanCell is well-positioned to scale our manufacturing operations and progress our cutting-edge therapies towards commercialisation.”

SV Health Investors partner and AdvenCell director Jamil M. Beg said his firm had “looked long and deep at the field of radionuclide therapies” and this business is a standout.

“The company’s exceptional team, technologies, robust infrastructure, collaborations with some of the world’s largest pharma companies and ability to consistently execute, position it to truly change outcomes for patients,” he said.

“We are excited to help AdvanCell realise its potential in transforming cancer care globally.”

In the wake of the raise, the startup announced an expansion to the scope and breadth of its strategic collaboration with Eli Lilly to research and develop innovative treatments for various cancers.