- Evergreen Theragnostics has successfully raised $26M in capital, with support from existing shareholders and new institutional investors, Petrichor and LIFTT.
- The funding will advance Evergreen’s discovery pipeline into clinical trials, support the commercialization of its diagnostic agent, and expand its CDMO capabilities.
- Over the next few months, Evergreen plans to launch its diagnostic agent Octevy™, subject to FDA approval, and begin registration enabling therapeutic and diagnostic clinical trials for a novel radiopharmaceutical theragnostic pair.
Evergreen Theragnostics, US-based radiopharmaceutical Contract Development and Manufacturing Organization (CDMO), announced today the successful completion of a $26M capital raise. This funding was supported by both existing shareholders and new institutional investors, Petrichor and LIFTT. The raised capital will be used to advance Evergreen’s novel discovery pipeline into clinical trials, support the commercialisation of its diagnostic agent, and further expand its contract manufacturing (CDMO) capabilities to meet growing client demand.
James Cook, CEO of Evergreen, commented on the development, “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.”
The company has been tracking Evergreen since its inception and is excited to partner with James and his team. They are preparing for the commercial launch of their diagnostic product and further capitalising on the highly specialised expertise required to build and run a radiopharma CDMO.
Stefano Buono, chairman of LIFTT and founder and former CEO of Advanced Accelerator Applications (AAA), noted the rapid advancement of the radioligand therapy industry. He stated that their investment in Evergreen Theragnostics deepens their commitment to this exciting area with a company that is well-positioned to succeed.
Over the next few months, Evergreen will continue to plan for the launch of its 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. If successful, this could offer new hope to patients with small cell lung cancer.
Overview of outsourcing trends 
