AdvanCell has closed on $315 million in a financing round to advance its lead radiopharmaceutical program toward phase III development and expand manufacturing infrastructure.
The company is developing ADVC001, a lead-212 (Pb-212)-based targeted alpha therapy for metastatic prostate cancer currently in phase II development. The funding will also support AdvanCell's proprietary Pb-212 platform, including isotope supply and U.S. manufacturing capacity, according to the company.
The round was led by Ally Bridge Group and co-led by Alpha Wave, with new investment from Bain Capital Life Sciences, Fidelity Management & Research Company, T. Rowe Price Associates, Eventide Asset Management, Velosity Capital, and a sovereign wealth fund, the company noted.
