AdvanCell Closes A$18M Series B Funding Led by Morningside
14.9.2022 17:16:00 EEST | Business Wire | Press release
AdvanCell, an Australian radiopharmaceutical company with a platform technology for a revolutionary cancer treatment called Targeted Alpha Therapy, announced today the closing of an A$18 million Series B financing round led by Morningside.
Andrew Adamovich, CEO and Founder of AdvanCell noted, “We are very pleased with our progress to date and delighted that we will continue our rapid growth with the support of our shareholders. We have had a long-term relationship with our lead investor, Morningside, and are excited to come closer still to our goal to 'Change the Course of Cancer Treatment.'”
Targeted Alpha Therapies represent the most exciting opportunity to treat currently untreatable cancers. The technology harnesses the natural decay and radiochemical properties of certain elements, in combination with specific targeting molecules, to selectively deliver cell-killing radiation to the tumour cell. AdvanCell believes this precise and powerful treatment will rapidly become a leading pillar of cancer treatment, providing treatments for diseases for which there are currently no effective options. Targeted Alpha Therapies demonstrate incredible efficacy, however widespread adoption and large commercial product launches require a scalable and reliable global isotope supply. AdvanCell was established to solve this problem.
AdvanCell’s ability to produce isotope on-demand and at scale, and its in-house radiopharmaceutical manufacturing expertise positions AdvanCell to play a leading role in this rapidly growing market. With additional support from NSW Health Medical Devices Fund and the Federal government’s Research & Development Tax Incentive, AdvanCell has developed a world-first scalable manufacturing platform to produce alpha-emitting isotopes for research, pre-clinical and clinical use and to advance its own and its partners' radiopharmaceutical products.
Anthony Aiudi from Morningside commented, “AdvanCell is leveraging its ability to make alpha isotopes at scale and in clinically useful amounts along with its radiochemistry expertise, to develop an exciting portfolio of Targeted Alpha Therapies. Targeted Alpha Therapies hold incredible promise however their development has been hamstrung by a lack of radioisotope supply. Together with the team at AdvanCell, we look forward to writing a new chapter in oncology, to target large patient populations with significant unmet needs.”
Mr Aiudi has been appointed to the Board of AdvanCell, joining Mr Adamovich, Bill Ferris AC, co-founder of CPE Capital, Adrian “Adi” Patterson, former Australian Nuclear Science and Technology Organisation (ANSTO) CEO and Kevin Cameron, CEO of Ionetix.
Bill Ferris AC, Chair remarked, “Our executive team has articulated a credible pre-clinical and clinical pathway for the delivery of the Company’s novel Targeted Alpha Therapies. Having successfully developed the manufacturing platform essential for the reliable and scalable supply of isotopes, the Company is on schedule with its pre-clinical work and is now moving into first-in-human trials. AdvanCell is on track to become a leading radiopharmaceutical company with a platform technology enabling novel cancer treatments.”
About AdvanCell
AdvanCell is a radiopharmaceutical company developing next-generation cancer treatment. AdvanCell’s Targeted Alpha Therapies are powered by a platform technology – a world-first alpha isotope generator that addresses the greatest unmet need in Targeted Alpha Therapy – the reliable and scalable supply of isotope. AdvanCell has a world-class team and is honoured to be advised by an outstanding Board of Directors and Scientific Advisory Board. For more information visit www.advancell.com.au
About Morningside
Founded in 1986 by the Chan family, Morningside is a technology and life science venture investment firm. With offices in Boston, Shanghai and London, the firm invests globally. The group is managed by investment professionals who are entrepreneurial, have deep industry knowledge and are effective in the local environment in which they operate. Morningside partners with academic founders and entrepreneurs to build world-class companies that want to markedly improve the current state of medicine today and ultimately, the lives of patients. In addition to its investment activities, Morningside Ventures is strongly committed to social responsibility. For more information visit www.morningside.com.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220823005846/en/
Contact information
About Business Wire
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Samsung Unveils Industry's Fastest UFS 5.0 Solution for Next-Gen On-Device AI Applications23.6.2026 10:10:00 EEST | Press release
Samsung Electronics Co., Ltd., the world leader in advanced memory technology today announced that, for the first time in the industry, it has developed the industry's fastest Universal Flash Storage (UFS) 5.0 solution, which will help enable seamless and highly efficient AI services on future mobile devices. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260623632789/en/ Samsung Unveils Industry's Fastest UFS 5.0 Solution for Next-Gen On-Device AI Applications The milestone sets a new benchmark for the next-generation mobile memory market as the enhanced performance is expected to allow mobile device users with significantly reduced latency and faster response times when running large language models (LLMs) in on-device AI environments "In the era of on-device AI, storage devices are evolving into a key driver defining AI experiences," said Jangseok Choi, head of Memory Product Planning at Samsung Electronics. "As we succes
Varco Energy Selects NHOA Energy and IQA-Elecnor for 100MW Old Allen Road BESS23.6.2026 10:05:00 EEST | Press release
Varco Energy (Varco), a pioneering UK-based battery storage asset owner and operator backed by the Adaptogen Capital Battery Storage Fund, is pleased to announce it has signed supply contracts for its 100MW / 244MWh Old Allen Road Battery Energy Storage System (BESS) in West Yorkshire. Highlights: The Old Allen Road BESS adds 100MW to Varco’s portfolio of operational and in-construction projects, taking its operational BESS capacity to 350MW by the end of 2027, with a further 275MW in development. NHOA Energy, in consortium with IQA-Elecnor, will deliver the turnkey EPC project at Old Allen Road, with NHOA Energy supplying the BESS and IQA-Elecnor responsible for the associated balance of plant and interconnection works (33/275kV). GE Vernova has been contracted to provide the project 275kV High Voltage Transformer. The Old Allen Road BESS is a flagship project, designed to provide essential flexibility and grid-balancing services to the UK electricity system. Supply Contract Consortiu
Google and Energy Dome Advance Multi-Continent Energy Storage Buildout with First Bilateral Project in Ireland23.6.2026 10:00:00 EEST | Press release
Today Energy Dome, a leading long-duration energy storage technology developer, and Google announced their first bilateral commercial contract for a 23MW / 200MWh CO2 Battery project located in County Offaly, Ireland. The project is part of a long-term partnership the companies announced last year to deploy Energy Dome’s CO2 Battery technology at scale and advance Google’s ambition to expand access to affordable, secure and 24/7 clean energy for grids globally. This announcement is on the back of a 19 MW/200 MWh project in Arizona announced this month by Energy Dome, Google, and the local utility SRP. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260623501211/en/ Rendering of Energy Dome's CO2 Battery project near Rhode, County Offaly, Ireland. This project will be developed, owned and operated by Energy Dome using its proprietary CO2 Battery technology. The technology works by using grid power to compress and store CO2, th
UNIQA Unifies Customer Risk Intelligence Across 14 Countries with SymphonyAI Financial Crime Compliance Platform23.6.2026 08:07:00 EEST | Press release
UNIQA Insurance Group, one of Austria's and Europe's leading insurers, has selected the financial crime compliance platform from SymphonyAI, a global leader in Vertical AI, to unify customer due diligence (CDD) across its Central and Eastern European footprint. With operations spanning 14 countries and approximately 17 million customers, UNIQA brings one of the most complex compliance environments in the region to a single, centralized intelligence layer. Building for complexity, not around it UNIQA sought a CDD capability that matched the complexity of a pan-European insurer: one that could classify customers across risk categories consistently, keep pace with a shifting regulatory landscape across Central and Eastern Europe, and scale across diverse markets without requiring country-by-country customization. UNIQA selected SymphonyAI following a competitive evaluation in which speed of implementation and insurance-specific domain depth were the decisive criteria. Most financial crime
Lenovo Recognized in the Gartner® Supply Chain Top 25 for 202623.6.2026 07:00:00 EEST | Press release
Lenovo has once again been ranked in the Gartner® Supply Chain Top 25 for 2026, achieving its highest-ever ranking at seventh globally. The Gartner Supply Chain Top 25 is a renowned annual ranking of the world’s superior supply chains. Now in its 22nd year, the Gartner Supply Chain Top 25 identifies, celebrates and profiles excellence in supply chain management. Supply chain teams use the Gartner Supply Chain Top 25 to benchmark performance, transform operations and lead in the future.Lenovo ranked eighth in 2025, 10th in 2024, and eighth in 2023. AI Builds Greater Supply Chain Resilience Global supply chains have faced unprecedented disruption over the past 12 months, driven by tariffs, component shortages, and geopolitical tensions. Lenovo’s strength amid these challenging circumstances has been its ability to build on its AI infrastructure behind its global supply chain, improving resilience, adaptability and execution at speed and scale. Over the past year, Lenovo has evolved its S
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom