Advanced Accelerator raises EUR 23M

Advanced Accelerator Applications S.A. (Saint-Genis-Pouilly, France) raised EUR 23 million ($26 million) in a round led by Adage Capital Management. Funds associated with T. Rowe Price also participated, as did Rock Springs Capital.

Advanced Accelerator develops radiopharmaceuticals for molecular diagnostics and therapy. It expects to present data in September from a Phase III study of Lutathera to treat gastropancreatic neuroendocrine tumors. The radiolabeled somatostatin analog that targets somatostatin receptors has Orphan Drug designation from FDA and EMA. The company also expects to file an NDA in July for Somakit, a companion PET diagnostic for Lutathera. The company did not respond to inquiries. ...