Evergreen Theragnostics Completes $26M Capital Raise to Advance Novel Radiopharmaceutical Pipeline into the Clinic, Prepare for First Commercial Product Launch, and Expand Industry-Leading CDMO Services

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Apr 16, 2024, 08:00 ET

SPRINGFIELD, N.J., April 16, 2024 /PRNewswire/ -- Evergreen Theragnostics, Inc., 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.

About Evergreen Theragnostics, Inc.

Evergreen Theragnostics is focused on improving the available options for cancer patients using radiopharmaceuticals. The company is engaged in Contract Development and Manufacturing (CDMO) services as well as drug discovery and commercialization of proprietary products. Evergreen is headquartered in Springfield, NJ in a state-of-the-art GMP radiopharmaceutical facility. The company was founded in 2019 by a team that brings a strong track record in theragnostic radiopharmaceutical manufacturing and commercialization. For more information, please visit www.evergreentgn.com.

About Petrichor

Petrichor partners with world-class healthcare managers and businesses to provide customized investment structures and support. The Petrichor team has completed over 125 investments representing more than $6 billion in invested capital and has held over 55 board seats. Petrichor maintains a deep in-house understanding of healthcare products and services, including scientific, technical, and commercial expertise. This healthcare expertise, together with a breadth of experience investing across sectors, geographies, and capital structures, provides a unique combination to help build successful companies.

For more information on Petrichor, please see www.petrichorcap.com or contact the firm at [email protected].

About LIFTT

LIFTT is an Italian Venture Capital operating in every industry with a focus on deep-tech. To date it has raised €103,7M and completed 50 investments in innovative start-ups. While generating value for its shareholders, LIFTT supports the creation of businesses, development, employment, and economic growth, through the implementation of an ethical and transparent governance model. To learn more, please visit www.liftt.com

For further information, please contact:
James Cook
President & CEO
[email protected]

SOURCE Evergreen Theragnostics, Inc.