Evergreen Theragnostics, a clinical-stage radiopharmaceutical company, today announced the successful completion of a $26M capital raise supported both by existing shareholders and new institutional investors, Petrichor and LIFTT. The financing advances Evergreen’s novel discovery pipeline into clinical trials, supports commercialization of its diagnostic agent, and further expands CDMO capabilities to meet growing client demand.
“We have been advancing our discovery pipeline and are excited to take the next step in development,” commented James Cook, CEO. “As we continue to work with the FDA on approval of our Ga-68 DOTATOC diagnostic kit, this new funding will enable us to rapidly progress our novel theragnostic pair, EVG-321, into clinical trials. In addition, our CDMO business is continuing to build momentum as we bring on new customers and expand our efforts with existing ones. We appreciate the trust given to us by our existing and new shareholders in advancing our priorities.”
“We have tracked Evergreen since the company’s inception and are excited to partner with James and his team as they bring best- and first-in-class candidates into the clinic, broaden their top-tier radiopharma drug discovery efforts, prepare for commercial launch of their diagnostic product, and further capitalize on the highly specialized expertise required to build and run a radiopharma CDMO,” said Patrick Lally, Partner at Petrichor.
Stefano Buono, chairman of LIFTT and founder and former CEO of Advanced Accelerator Applications (AAA) noted, “the radioligand therapy industry is advancing rapidly. Our investment in Evergreen Theragnostics deepens our commitment to this exciting area with a company that is well-positioned to succeed.”
Evergreen has established a lean and experienced team of scientific, medical, commercial, and operational leaders and employees to continue to develop our capabilities. Over the next months, Evergreen will continue to plan for the launch of our diagnostic agent Octevy™, subject to approval by the FDA. Evergreen Discovery also intends to begin registration enabling therapeutic and diagnostic clinical trials for Lutetium-177 (177Lu) EVG-321 and Gallium-68 (68Ga) EVG-321, a novel radiopharmaceutical theragnostic pair, which, if successful, could offer new hope to patients with small cell lung cancer.