AdvanCell announces AUD$18m Series B funding led by Morningside

Andrew Adamovich, Chief Executive Officer and Founder of AdvanCell

AdvanCell, an Aussie radiopharmaceutical firm with tech for a revolutionary cancer treatment called Targeted Alpha Therapy, closed an AUD$18 million Series B funding led by Morningside.

What is the market offering of AdvanCell?

Targeted Alpha Therapies represent the most exciting opportunity to treat untreatable cancers. The tech harnesses the decay and radiochemical properties of certain elements, in combination with targeting molecules, to deliver cell-killing radiation to the tumour cell.

AdvanCell believes this precise and powerful treatment will rapidly become a leading pillar of cancer treatment, providing treatments for diseases for which there are no effective options. Targeted Alpha Therapies demonstrate incredible efficacy, however widespread adoption and large commercial product launches require a scalable and reliable global isotope supply.

The Aussie radiopharmaceutical firm was established to solve this problem. AdvanCell’s ability to produce isotope on-demand and at scale, and its radiopharmaceutical manufacturing expertise positions AdvanCell to play a leading role in this rapidly growing market.

With additional support from NSW Health Medical Devices Fund and the Federal government’s Research & Development Tax Incentive, AdvanCell has developed a world-first scalable manufacturing platform to produce alpha-emitting isotopes for research, pre-clinical and clinical use and to advance its own and its partners’ radiopharmaceutical products.

What were the executives’ thoughts on AdvanCell?

Andrew Adamovich, CEO and Founder of AdvanCell noted, “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.’”

Anthony Aiudi from Morningside said, “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 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,” Anthony Aiudi further said.

Mr Aiudi has been appointed to the Board of AdvanCell, joining Mr Adamovich, Bill Ferris AC, co-founder of CPE Capital, Adrian “Adi” Patterson, former Australian Nuclear Science and Technology Organisation (ANSTO) CEO and Kevin Cameron, Chief Executive Officer of Ionetix.

Bill Ferris AC, Chair remarked, “Our executive team has articulated a credible pre-clinical 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 pre-clinical work and is now moving into first-in-human trials. AdvanCell is on track to become a top radiopharmaceutical company with a platform technology enabling novel cancer treatments,” Ferris concluded.