Radiopharma maker AdvanCell hauls in $315M for Pluvicto challenger | ADVC001 lead-212 PSMA-targeted therapy and manufacturing expansion

AdvanCell, an Australian clinical-stage radiopharmaceutical company, has raised $315 million in an oversubscribed Series D financing to advance its lead prostate cancer candidate, ADVC001, a Pluvicto challenger using lead-212 PSMA-targeted radioligand therapy.

The funding was led by Ally Bridge Group and co-led by Alpha Wave, with participation from major investors including Bain Capital Life Sciences, Fidelity, T. Rowe Price, a leading sovereign wealth fund, and existing backers such as Eli Lilly, Sanofi Ventures, Morningside, and others.

Proceeds will primarily push ADVC001 into Phase 3 development for metastatic prostate cancer, expand clinical and commercial manufacturing infrastructure in the U.S. (Greater Boston) and Australia, and bolster AdvanCell’s broader pipeline of targeted alpha therapies.

ADVC001 is an alpha-emitting agent (lead-212) that induces double-stranded DNA breaks in cancer cells, offering a more potent mechanism compared to Novartis’ beta-emitting Pluvicto (lutetium-177), while also addressing the field’s supply and scalability constraints.

This round underscores growing investor confidence in radiopharmaceuticals, following the commercial success of Novartis’ Pluvicto and broader momentum in targeted radiotherapies for oncology.