AdvanCell Closes A$18M Series B Funding Led by Morningside
AdvanCell, an Australian radiopharmaceutical company with a platform technology for a revolutionary cancer treatment called Targeted Alpha Therapy, announced today the closing of an A$18 million Series B financing round led by Morningside.
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.'”
Targeted Alpha Therapies represent the most exciting opportunity to treat currently untreatable cancers. The technology harnesses the natural decay and radiochemical properties of certain elements, in combination with specific targeting molecules, to selectively 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 currently 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. AdvanCell was established to solve this problem.
AdvanCell’s ability to produce isotope on-demand and at scale, and its in-house 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.
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.”
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, CEO 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 leading radiopharmaceutical company with a platform technology enabling novel cancer treatments.”
About AdvanCell
AdvanCell is a radiopharmaceutical company developing next-generation cancer treatment. AdvanCell’s Targeted Alpha Therapies are powered by a platform technology – a world-first alpha isotope generator that addresses the greatest unmet need in Targeted Alpha Therapy – the reliable and scalable supply of isotope. AdvanCell has a world-class team and is honoured to be advised by an outstanding Board of Directors and Scientific Advisory Board. For more information visit www.advancell.com.au
About Morningside
Founded in 1986 by the Chan family, Morningside is a technology and life science venture investment firm. With offices in Boston, Shanghai and London, the firm invests globally. The group is managed by investment professionals who are entrepreneurial, have deep industry knowledge and are effective in the local environment in which they operate. Morningside partners with academic founders and entrepreneurs to build world-class companies that want to markedly improve the current state of medicine today and ultimately, the lives of patients. In addition to its investment activities, Morningside Ventures is strongly committed to social responsibility. For more information visit www.morningside.com.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220823005846/en/
Contact information
About Business Wire
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Mandate of BaFin’s special commissioner at flatexDEGIRO terminated18.10.2024 17:25:00 CEST | Press Release
Mandate of BaFin’s special commissioner at flatexDEGIRO terminated The mandate of the BaFin’s special commissioner at flatexDEGIRO Bank AG (the “Company”) was terminated on September 30, 2024, following the successful elimination of the serious deficiencies identified in the 2022 special audit by the Company and a positive review by the special commissioner. flatexDEGIRO AG made this announcement on October 18, 2024, following a corresponding decision by the German Federal Financial Supervisory Authority (BaFin). Oliver Behrens, CEO of flatexDEGIRO, said: “We have realigned and sustainably strengthened our organizational structures and processes in constructive cooperation with BaFin and the special commissioner. We are thereby closing a regulatory chapter and again increase our focus on our customers and important growth projects. My special thanks go to all employees who, under the leadership of Steffen Jentsch, member of the bank's management board, have made it possible to reach th
Biological Lattice Industries (BLI) Secures $1.8 Million Pre-Seed Funding Led by Uni.Fund to Democratize Biofabrication18.10.2024 16:00:00 CEST | Press Release
Biological Lattice Industries Corp. (BLI), a leading innovator in biofabrication and life sciences R&D, today announced the successful closing of a $1.8 million pre-seed investment round led by Greek venture capital firm Uni.Fund. In conjunction with this funding announcement , BLI is introducing its first all-in-one solution for biofabrication: BioLoom™, BLI's advanced multi-tool 3D bioprinter and Loominus Studio™, its unified software platform designed to revolutionize biofabrication workflows. BLI, a US startup with R&D operations in Greece, aims to radically simplify biofabrication for the global R&D community by providing intelligent, automated tools that streamline the design, fabrication, and testing of biomaterials. Biomaterials are critical for a wide array of biological applications. The applications range from advanced 3D cell culture systems for human biology emulation to the next-generation of resorbable medical devices and drug delivery systems for tissue trauma repair. “
Gurobi Brings Decision Intelligence Summit to Amsterdam18.10.2024 15:00:00 CEST | Press Release
Gurobi Optimization, LLC, the leader in decision intelligence technology, is set to host the first annual EMEAI Decision Intelligence Summit (“Gurobi Summit”) at Amsterdam’s Capital C on November 5-6, 2024. Following the success of last month’s inaugural summit for the Americas in Las Vegas, the EMEAI Summit will bring together operations researchers, data scientists, and business leaders from across the region to explore the latest advancements in mathematical optimization and decision intelligence. The Gurobi Summit will feature special presentations from companies such as Accenture and ICRON. Several of the company’s partners—including Decide4AI, Decision Labs, LTPLabs, and ORMAE—will also be present to showcase their solutions and insights. The two-day event will be packed with informative presentations, exciting customer case studies, and interactive learning opportunities. Day 1 will feature keynotes, technical presentations, and panel discussions. Day 2 will be dedicated to hand
Vertex to Present Phase 3 Data Highlighting Suzetrigine’s Potential as a First-in-Class, Highly Selective Pain Signal Inhibitor at the American Society of Anesthesiologists Annual Meeting18.10.2024 14:00:00 CEST | Press Release
Vertex Pharmaceuticals Incorporated (Nasdaq: VRTX) today announced that the company will present its pivotal Phase 3 data on suzetrigine, an investigational, oral, highly selective NaV1.8 pain signal inhibitor for the treatment of moderate-to-severe acute pain, at the annual meeting of the American Society of Anesthesiologists (ASA), taking place from October 18-22, 2024 in Philadelphia, Pennsylvania. Abstract A1187 — “Randomized, Placebo-Controlled, Phase 3 Trials of Suzetrigine, a Non-Opioid, Pain Signal Inhibitor for Treatment of Acute Pain After Abdominoplasty or Bunionectomy” will be presented as an oral presentation on Sunday, October 20, during the “Best Abstract” session, which runs from 8:00-11:00 a.m. ET, as well as the Education session which runs on Monday, October 21, from 1:30-2:30 p.m. ET. Abstract A2074 — “A Phase 3, Single-Arm Study of Suzetrigine, a Non-Opioid, Pain Signal Inhibitor For Treatment of Acute Pain From Surgical and Non-surgical Conditions” will be present
SLB Announces Third-Quarter 2024 Results18.10.2024 12:50:00 CEST | Press Release
SLB (NYSE: SLB) today announced results for the third quarter of 2024. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20241016795721/en/ The exterior of the SLB headquarters in Houston, Texas. (Photo: Business Wire) Third-Quarter Results (Stated in millions, except per share amounts)Three Months EndedChangeSept. 30, 2024Jun. 30, 2024Sept. 30, 2023SequentialYear-on-yearRevenue $9,159 $9,139 $8,310 - 10% Income before taxes - GAAP basis $1,507 $1,421 $1,395 6% 8% Income before taxes margin - GAAP basis 16.5% 15.5% 16.8% 91 bps -33 bps Net income attributable to SLB - GAAP basis $1,186 $1,112 $1,123 7% 6% Diluted EPS - GAAP basis $0.83 $0.77 $0.78 8% 6% Adjusted EBITDA* $2,343 $2,288 $2,081 2% 13% Adjusted EBITDA margin* 25.6% 25.0% 25.0% 55 bps 54 bps Pretax segment operating income* $1,902 $1,854 $1,683 3% 13% Pretax segment operating margin* 20.8% 20.3% 20.3% 48 bps 51 bps Net income attributable to SLB, excluding charges & cr
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom