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
Business WireSubscribe 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
Reality TV Star, Mollie Pearce, Backs Campaign to Tackle Inequalities in Condition That Impacts Millions of People Globally19.5.2024 00:01:00 CEST | Press release
Celltrion partners with TV star Mollie Pearce to launch the second installation of the Where’s Crohn’s & Colitis (CC)? campaign for this year’s World IBD Day (19 May 2024). The campaign focuses on access to IBD care and treatment as the burden of the condition rises globally1. Widening inequalities and significant variations in access across the globe, and even within countries, is impacting people’s experience of IBD care and ultimately their outcomes2. Through raising awareness of the factors driving these inequalities and potential solutions, the campaign hopes to encourage improved access to a timely diagnosis, high quality care and innovative treatments. Innovations in treatments, including advances in treatment administration that enable people to access at-home injectable treatment (versus hospital-based treatment), allows people to have an improved quality of life whilst managing their condition3. The campaign encourages people to look beyond what they would usually see, to mak
Unveiling the HPC Future with xFusion at ISC 202418.5.2024 05:37:00 CEST | Press release
xFusion Digital Technologies Co., Ltd. (xFusion) dazzled attendees with its top-of-the-range computing products and solutions at the prestigious ISC High Performance 2024 event, hosted at the Congress Center Hamburg in Germany from May 13th to 15th. During the event, xFusion and fellow participants delved into the realms of AI and high performance computing (HPC) to explore their innovative applications and developmental trends, marking a significant convergence of minds and technologies. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240516487957/en/ (Photo: xFusion) Tab Tang , President of the Computing and Expansion at xFusion, delivered a keynote titled "Reinvent HPC in the Era of AI" during the Vendor Roadmap session on the 15th. He illuminated the pivotal role of smart computing in propelling industrial progress, highlighting the cooling challenges arising from high power and computing density, along with sustainabilit
Yard Force Introduces New 20V Cordless Lawn Mower: A Powerful, Efficient and Versatile Solution for Easy Lawn Care17.5.2024 17:19:00 CEST | Press release
Yard Force, a leading manufacturer of high-quality garden tools, is pleased to announce the launch of its latest product innovation, the Yard Force 20V Cordless Lawn Mower. Engineered for modern homeowners, this cutting-edge mower delivers power, efficiency and versatility for easy lawn care. Meet the new model: the LM C37B. The Yard Force LM C37B stands out with its 37 cm cutting width, for effortlessly tackling larger lawns. Capable of mowing up to 450 square metres, it's perfect for medium to large gardens, allowing homeowners to maintain a well-tended garden with minimal effort. Powered by a state-of-the-art brushless motor, the advanced technology of the LM C37B ensures exceptional performance and greater longevity, making it a dependable and durable addition to your garden tools. One of the standout features of the Yard Force LM C37B is its powerful 20V 2.5Ah dual battery system. This guarantees ample power to finish the job, regardless of lawn size. The package also includes a 2
Wipro Appoints Sanjeev Jain as Chief Operating Officer17.5.2024 14:52:00 CEST | Press release
Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading technology services and consulting company, today announced the appointment of Sanjeev Jain as the Chief Operating Officer effective immediately. Sanjeev succeeds Amit Choudhary, who is stepping down to pursue opportunities outside the organization. Sanjeev will report to Srinivas Pallia and will continue to be a member of Wipro’s Executive Committee. Sanjeev joined Wipro in 2023 as the Global Head of Business Operations. He brings over 30 years of experience in leading large, diverse teams, scaling up global operations, and deploying Lean Six Sigma and design thinking principles to drive operational excellence and business transformation. Over the past year, Sanjeev has been leading Wipro’s talent supply chain, including Wipro’s gig work platform, TopGear, as well as talent skilling, global mobility, talent acquisition, and business resilience functions. He has played a key leadership role in the development and deployment
Verdantis Appoints Kumar Gaurav Gupta as Chief Executive Officer17.5.2024 13:00:00 CEST | Press release
Verdantis, a pioneering leader in AI-powered data solutions, proudly announces the appointment of Kumar Gaurav Gupta as its new Chief Executive Officer (CEO). Taking on the role of CEO he shoulders the responsibility of propelling growth, with a sharp focus on ensuring global customer success. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240517777111/en/ Kumar Gaurav Gupta (CEO- Verdantis) (Photo: Business Wire) Excited about his new role, Kumar stated, "It's a great honor to lead this data platform & services company at such an exciting time. Given the growing importance of data and the emergence of Artificial Intelligence, I am confident Verdantis is poised to empower our customers in making data-driven ROI decisions. I am grateful to the Verdantis team for their trust and consideration." Before Verdantis, he held various roles including VP & Country Manager for the Indian subcontinent at SAP Concur and served as a busin
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