AdvanCell, an Australia-based radiopharmaceutical company, has raised $112m as investor interest in the radiopharma sector continues in 2025.
The funding round was co-led by SV Health Investors, Sanofi Ventures, Abingworth, and SymBiosis, with additional participation from Morningside, Tenmile, and Brandon Capital.
AdvanCell has been developing targeted alpha therapies (TATs) as an alternative to the beta particle-based radiopharmaceuticals commonly used by drug developers. The company focuses on a lead-212 (Pb-212)-based candidate ADVC001, an alpha-emitting radioisotope that offers potential advantages in targeting and destroying cancer cells while limiting damage to surrounding healthy tissue. Pb-212 has a short half-life, which can reduce long-term radiation exposure.
AdvanCell is currently enrolling patients for the highest dose cohort of its TheraPb Phase I/II dose escalation clinical trial (NCT05720130), evaluating the safety and efficacy of ADVC001in metastatic prostate cancer.
The Sydney-headquartered company previously raised $18m in a Series B round in August 2022. The latest investment comes as demand for radiopharmaceuticals continues to grow while the sector faces logistical and regulatory challenges. Radiopharmaceuticals require specialised infrastructure, strict regulatory compliance, and just-in-time delivery due to their short shelf lives. AdvanCell said that the new funding will help to expand its manufacturing capacity and accelerate the development of its Pb-212-based candidates.
The radiopharmaceutical industry has seen increased investment and consolidation in recent years. Major pharmaceutical companies have entered the space through acquisitions, aiming to expand their radioligand therapy pipelines. In February 2024, Bristol Myers Squibb made a $4.2bn acquisition of RayzeBio to strengthen its radiopharmaceutical capabilities. A few months later, In May 2024, Novartis acquired Mariana Oncology for $1.75bn, adding MC-339, a radioligand therapy candidate, to its portfolio. Prior to the deals in 2024, Eli Lilly had announced the acquisition of POINT Biopharma for $1.4bn.
Prior to the Eli Lilly deal, POINT Biopharma had partnered with AdvanCell to support the clinical development and commercialisation of Pb-212-based radioligands. Other companies, including Orano Med, are also developing therapies using Pb-212, with Orano conducting multiple clinical studies on its lead-212-based drug candidates.
Industry consolidation has also extended to contract development and manufacturing organisations (CDMOs). Last week, Lantheus announced plans to acquire clinical stage radiopharma CDMO Evergreen Theragnostics for an upfront payment of $250m, with the potential for an additional $752.5m in milestone payments.
Another Australia-based radiopharma specialist Telix made headlines in 2024 after it withdrew a proposed US listing on Nasdaq. But it later acquired RLS Radiopharmacies to expand its US presence in Q3 2024. More recently at the 2025 JP Morgan Healthcare Conference, Telix’s CEO said the company had a 55% year-on-year revenue increase last year.
