AdvanCell, an Australian clinical-stage radiopharmaceutical company, said on 15 July 2026 that it had closed a $315m Series D financing. The round was oversubscribed and upsized, according to an announcement published by investor Brandon Capital, which described it as one of the largest private financings in the radiopharmaceutical sector worldwide.
Ally Bridge Group led the round and Alpha Wave co-led it. New investors included Bain Capital Life Sciences, Fidelity Management & Research Company, T. Rowe Price, Eventide Asset Management, Velosity Capital and a sovereign wealth fund that was not named. Existing backers Brandon Capital, Eli Lilly, Sanofi Ventures, SV Health Investors, Abingworth and Catalio Capital Management also took part.
The company did not disclose a valuation or the total it has raised to date.
“This financing is fundamentally different because it's focused on execution at scale.”Philina Lee, Chief Executive Officer, AdvanCell
What AdvanCell does
AdvanCell develops targeted alpha therapies, a class of radiopharmaceuticals that deliver alpha-emitting isotopes to cancer cells. Its platform is built on the isotope Lead-212. The lead programme, ADVC001, is a PSMA-targeted radioligand therapy for metastatic prostate cancer and is currently in a Phase 2 trial. Brandon Capital said the drug had shown encouraging anti-tumour activity and favourable tolerability in early clinical studies.
The company describes its model as vertically integrated, covering thorium supply, isotope production, automated manufacturing and clinical development. Chief executive Philina Lee told BioXconomy that controlling the full value chain was intended to improve supply reliability and lower manufacturing complexity and cost.
AdvanCell was founded in Australia and now operates in Australia and North America. Pharma Manufacturing reported that the company is headquartered in Brisbane, and AdvanCell's website lists sites in Sydney, Brisbane, Adelaide and Boston.
What the money is for
The proceeds will be used to advance ADVC001 toward Phase 3, expand the company's platform, strengthen isotope supply, grow US manufacturing and accelerate the rest of its targeted alpha therapy pipeline, according to the announcement.
Lee told BioXconomy that the company's goal by 2027 was to have a Phase 3-ready lead asset, Phase 3-ready manufacturing and a second clinical programme entering development. She contrasted the round with earlier fundraising, which she said had focused on proving the science, and described this one as focused on execution at scale.
Manufacturing is a large part of the plan. According to Pharma Manufacturing, AdvanCell set up a US headquarters in the Boston area in June and leased a 128,000-square-foot facility in Andover, Massachusetts, which will be its first US manufacturing site for Lead-212 therapies. The company plans to work with a contract development and manufacturing organisation for interim US drug product manufacturing while the Andover site is completed, the publication reported.
Who invested
As part of the financing, Andrew Lam, managing director and head of biotech private equity at Ally Bridge Group, and Nik Economopoulos, director of life sciences investments at Alpha Wave, joined AdvanCell's board.
The investor list mixes specialist life sciences funds, large asset managers and corporate investors. Eli Lilly and Sanofi Ventures were among the existing shareholders that returned, while Fidelity Management & Research Company and T. Rowe Price came in as new investors alongside Bain Capital Life Sciences.
Lee said in the company's statement, as reported by Pulse 2.0, that the financing marked a transformational milestone for the company.
Supply as the constraint
BioXconomy's report on the round described it as aimed at what the publication called the radiopharmaceutical industry's "biggest constraint", and focused on the company's isotope supply and manufacturing plans. AdvanCell has built its pitch around securing its own thorium and Lead-212 supply rather than relying on outside producers.
Lee told the publication that the company's Lead-212 platform combines secure thorium supply, automated manufacturing and a scalable production model. The Series D gives AdvanCell the funding to test that approach at a larger scale as ADVC001 completes Phase 2 and the company prepares Phase 3-enabling work.
Company website: advancell.com.au