Evergreen Theragnostics, a Springfield, NJ-based clinical-stage radiopharmaceutical company, raised $26M in funding.
Backers included Petrichor and LIFTT.
The company intends to use the funds to expand operations and its R&D sector.
Led by CEO James Cook, Evergreen Theragnostics is focused on improving the available options for cancer patients using radiopharmaceuticals. The financing advances the company’s novel discovery pipeline into clinical trials, supports commercialization of its diagnostic agent, and further expands Contract Development and Manufacturing (CDMO) services as well as drug discovery and commercialization of proprietary products.
Over the next months, Evergreen will continue to plan for the launch of its diagnostic agent Octevy™, subject to approval by the FDA. The company 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.
Commenting on the news, James Cook said: “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.”
FinSMEs
16/04/2024