Evergreen Theragnostics, a clinical stage contract development and manufacturing organisation (CDMO), has completed capital raise of $15m from Series B round.
This funding round was primarily subscribed by current shareholders exercising their rights of first refusal.
Leveraging this fund raise, Evergreen is launching a new business unit, called Evergreen Discovery.
Evergreen Discovery will be focused on developing novel radiopharmaceuticals for cancer treatment.
Evergreen has appointed Dr. Thomas Reiner as the chief scientific officer to support the new business unit.
Before this, Dr. Reiner served as head of Radioligand Therapy Drug Discovery on the executive leadership team of Advanced Accelerator Applications (AAA), a Novartis Company.
Reiner said: “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.
“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.”
Evergreen Theragnostics president and CEO James Cook said: “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.
“With Evergreen Discovery, we will develop novel radiopharmaceuticals to address some of the most urgent unmet clinical needs.”
Based in a new research facility near Princeton, New Jersey, Evergreen Discovery will open in Q3 2023.
The company will leverage the proceeds from the capital raise to prepare for the launch of Ga-68 DOTATOC, if approved.
Among the activities to be taken by the company will include building commercial capabilities and staffing, as well as inventory build.
The product is planned to be available through Evergreen’s radiopharmacy partners in the US.
Cook added: “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.
“We are glad to have secured this important funding to enable our continued pursuit of these goals.”