--- title: "Tenmile follows on in AdvanCell’s US$315m Series D | Altss Blog" description: "Tenmile is a returning investor in AdvanCell’s closed July financing. Its clinical programme and US manufacturing plan show what the capital supports." canonical: "https://altss.com/blog/tenmile-advancell-series-d-family-capital-manufacturing" --- [Altss Research](https://www.linkedin.com/company/altss) 3 min read Updated Oct 22, 2026 Share # Tenmile follows on in AdvanCell’s US$315m Series D Tenmile is a returning investor in AdvanCell’s closed July financing. Its clinical programme and US manufacturing plan show what the capital supports. [Back to blog](https://altss.com/blog) Share [LinkedIn](https://www.linkedin.com/sharing/share-offsite/?url=) [X](https://x.com/intent/tweet?url=&text=Tenmile%20follows%20on%20in%20AdvanCell%E2%80%99s%20US%24315m%20Series%20D) Copy link Tenmile participated as an existing investor in AdvanCell’s [US$315 million Series D](https://www.advancell.com.au/news/advancell-closes-us-315-million-oversubscribed-series-d-financing-to-advance-targeted-alpha-therapies-and-expand-clinical-and-commercial-manufacturing-infrastructure/), which the company announced had closed on July 15, 2026. The financing supports a clinical programme and an industrial expansion: advancing an investigational cancer therapy while strengthening isotope supply and building US manufacturing capacity. ## Returning capital alongside a new lead syndicate Western Australia’s Department of Health [identifies Tenmile as a health technology investment business owned by Tattarang](https://medicalresearch.health.wa.gov.au/Funding), and describes Tattarang as founded by Andrew and Nicola Forrest. AdvanCell named Ally Bridge Group as lead investor and Alpha Wave as co-lead. New investors included Bain Capital Life Sciences, Fidelity Management & Research Company and funds and accounts advised by T. Rowe Price Associates. Tenmile appeared among existing investors participating again, alongside investors including Morningside, Eli Lilly and Company, Sanofi Ventures and Brandon Capital. The company also announced board appointments for Andrew Lam of Ally Bridge and Nik Economopoulos of Alpha Wave, concurrent with the financing. The US$315 million is the financing total for AdvanCell. The release does not disclose Tenmile’s individual contribution, ownership percentage or negotiated rights; its participation cannot be converted into a US$315 million Tattarang allocation. ## Clinical development and manufacturing share the capital plan AdvanCell said the proceeds would advance its lead programme, ADVC001, toward Phase 3 development, expand its Lead-212 platform and US manufacturing infrastructure, and accelerate its wider pipeline. At the July announcement, the company described ADVC001 as investigational and in Phase 2 clinical development. The operating plan combines clinical development and supply capacity. The financing closes a capital-raising milestone, while later clinical development, manufacturing fit-out and qualification remain steps in the company’s execution plan. Altss’s [analysis of Advent’s life-sciences mandates](https://altss.com/blog/british-business-bank-advent-life-sciences-fund-mandates) examines commitments to funds serving different development stages. AdvanCell’s financing goes directly to the company developing the therapies and production capabilities. ## The US site was leased before the financing The physical expansion had a separate chronology. On [June 22, AdvanCell announced the lease of a 128,000-square-foot facility in Andover](https://www.advancell.com.au/news/advancell-establishes-us-global-headquarters-and-secures-flagship-manufacturing-facility-in-greater-boston-to-drive-growth-strategy/), Massachusetts. Located at IQHQ’s Innovation Park campus, it was intended to serve as the company’s US global headquarters and future manufacturing centre, complementing its Australian research and manufacturing capabilities. The company described the site as its first internal US manufacturing location. It was also working with a contract development and manufacturing organisation to establish drug-product manufacturing capabilities alongside the Andover fit-out and qualification. That parallel route was expected to support US Phase 2 enrolment while the company built infrastructure for Phase 3 and future commercial demand. The June lease and July financing consequently describe different stages of the same expansion. A secured location is an input to future internal capacity; fit-out and qualification remain operating steps. Neither announcement allocates a disclosed amount of the round to the site, the external manufacturing arrangement or clinical development. For investors following the financed plan, the next substantive evidence is progress from premises and manufacturing arrangements to qualified supply, alongside later clinical milestones. That would reveal more about execution than the financing headline alone. Tenmile’s disclosed role is a continuing participation in that company-level plan. 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