Market Chatter: Eli Lilly-Backed AdvanCell Raises $315 Million From New Funding Round

MT Newswires Live07-15 19:03

Eli Lilly-backed (LLY) AdvanCell has raised $315 million from its Series D financing, with participating investors such as Bain Capital and Fidelity Management & Research, Bloomberg reported Wednesday.

Ally Bridge Group and Alpha Wave Ventures led the funding round, according to the report.

AdvanCell will use the proceeds for clinical trials for its lead prostate cancer drug and expansion of manufacturing operations in the US, Chief Executive Officer Philina Lee said in an interview, Bloomberg reported.

AdvanCell did not immediately respond to MT Newswires' request for a comment.

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