Evergreen Theragnostics, a clinical stage contract development and manufacturing organization (CDMO) developing radiopharmaceuticals for cancer therapy, today announced the completion of a $15M Series B capital raise. The round was primarily subscribed by existing shareholders exercising their rights of first refusal.
Leveraging the capital raise, Evergreen is launching a new business unit, Evergreen Discovery, which is focused on developing novel radiopharmaceuticals for cancer therapy. To support its new business unit, Evergreen has recruited Dr. Thomas Reiner as their Chief Scientific Officer. Prior to this, Dr. Reiner served as Head of Radioligand Therapy Drug Discovery on the Executive Leadership Team of AAA (Advanced Accelerator Applications, a Novartis Company). He is a former Laboratory Head, Associate Professor and Member of the Chemical Biology Program at Memorial Sloan Kettering Cancer Center.
“I am very excited for the opportunity to join Evergreen Theragnostics and to lead their new R&D business unit, Evergreen Discovery. Over the last few years, Evergreen has established itself as a leader in the radiopharmaceutical space, and joining their growing team was an easy choice to make”, said Thomas Reiner. “Radioligand Therapy is a new and exciting therapeutic modality, uniquely positioned to treat some of the most devastating types of cancer. Our team will innovate the way we treat these cancers, focusing on unprecedented and first-in-class radiopharmaceuticals.”
“Launching Evergreen Discovery represented the next logical step for us, and we are excited to have recruited Thomas as a leader of this new team”, said James Cook, President and CEO of Evergreen Theragnostics. “With Evergreen Discovery, we will develop novel radiopharmaceuticals to address some of the most urgent unmet clinical needs.”
Evergreen Discovery will be based in a new research facility near Princeton, NJ, opening in Q3’2023.
The company will also use funds from the recent capital raise to prepare for the launch of Ga-68 DOTATOC, if approved. Activities will include building our commercial capabilities and staffing, as well as inventory build. The product is planned to be available through Evergreen’s radiopharmacy partners around the country.
“Evergreen is focused on improving the available options for cancer patients through radiopharmaceuticals. We do so by ensuring product availability for clinical trials through our core CDMO business, and in new ways such as the development of Ga-68 DOTATOC and the establishment of Evergreen Discovery,” said Mr. Cook. “We are glad to have secured this important funding to enable our continued pursuit of these goals.”
About Evergreen Theragnostics, Inc.
Evergreen Theragnostics is focused on improving the available options for cancer patients using radiopharmaceuticals. The company is engaged in three core areas: CDMO, Products, and Drug Discovery. 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.
