AdvanCell Secures $315M for Lead-212 Phase III Trials

AdvanCell, a clinical-stage radiopharmaceutical company with dual headquarters in Andover, Massachusetts and Brisbane, Australia, has closed an oversubscribed USD 315 million Series D financing round to advance its lead asset toward Phase III development and expand its radiopharmaceutical manufacturing infrastructure — a raise that underscores intensifying investor conviction in targeted alpha therapy as a next-generation oncology modality.

The funding was led by Ally Bridge Group and co-led by Alpha Wave, with new investors Bain Capital Life Sciences, Fidelity Management & Research Company, funds advised by T. Rowe Price Associates, an undisclosed sovereign wealth fund, Eventide Asset Management, and Velosity Capital joining the round. Existing backers — including Morningside, Eli Lilly and Company, SV Health Investors, Sanofi Ventures, Abingworth, SymBiosis, Brandon Capital, Tenmile, Piper Heartland, Catalio Capital Management, Proto Axiom, and Time BioVentures — also participated. Andrew Lam of Ally Bridge Group and Nik Economopoulos of Alpha Wave will join AdvanCell's board of directors.

Proceeds from the AdvanCell USD 315 million financing will be directed toward advancing ADVC001 into registrational Phase III trials in metastatic prostate cancer, expanding US isotope supply and manufacturing capacity, and progressing additional pipeline candidates toward first-in-human studies. The company's USD 112 million Series C held in February 2025 funded the Phase I/II TheraPb clinical trial and initial manufacturing buildout.

ADVC001 is an investigational Lead-212 (²¹²Pb) PSMA-targeted alpha radioligand therapy for metastatic prostate cancer, currently in Phase II clinical development (NCT05720130). Phase Ib data demonstrated encouraging anti-tumour activity and a favourable tolerability profile; the Phase II expansion is evaluating 160 MBq and 200 MBq doses across three prostate cancer populations, including metastatic hormone-sensitive disease, pre-chemotherapy metastatic castration-resistant prostate cancer (mCRPC), and patients who have progressed on prior lutetium-177 (¹⁷⁷Lu)-PSMA radioligand therapy.

Beyond ADVC001, AdvanCell is advancing ADVC002, a Lead-212 candidate targeting melanoma, which the company indicated is among the next assets expected to enter clinical development as Series D capital is deployed. Earlier-stage programmes span ovarian, breast, lung, pancreatic, and renal cell carcinoma indications. In February 2026, AdvanCell also announced a collaboration and exclusive licensing agreement with 48Hour Discovery, a Canadian peptide discovery company, to develop a novel ²¹²Pb radioligand targeting a gastrointestinal cancer — an arrangement that illustrates a modular platform strategy of pairing a fixed isotope with interchangeable tumour-targeting vectors.

A defining feature of the AdvanCell USD 315 million financing is the explicit allocation of capital to manufacturing infrastructure — a bottleneck that has constrained broader adoption of targeted alpha therapy across the field. The company recently established a US global headquarters at a 128,000-square-foot facility in Andover, Massachusetts, which will serve as its flagship US manufacturing site. Combined with its Australian operations in Brisbane, AdvanCell is pursuing vertical integration spanning isotope supply, automated radiolabelling, and clinical-scale production.

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