Italian venture capital firm LIFTT, together with Petrichor and other participating investors, announce that they have finalized a $26 million investment round in Evergreen Theragnostics, a radiopharmaceutical company engaged in the development of therapeutic solutions, using radiopharmaceuticals, for cancer patients.
The capital raised secures the advancement of Evergreen’s new pipeline of discoveries into clinical trials, supports the commercialization of its diagnostic agent, and further expands CDMO capabilities to meet growing customer demand.
“We’ve made progress in our discovery pipeline and are excited to take the next step in development,” James Cook, CEO of Evergreen Theragnostics, said in a statement. As we continue to work with the FDA toward the approval of our Ga-68 DOTATOC diagnostic kit, this new funding will allow us to rapidly evolve our new thermagnostic pair, EVG-321, into clinical trials. In addition, our CDMO business is continuing to grow, thanks to the entry of new customers and the strengthening of our relationships with existing ones. We appreciate the confidence shown by our current and new shareholders in advancing our priorities.”
Stefano Buono, president of LIFTT and founder and former CEO of Advanced Accelerator Applications (AAA), says, “The radioligand therapy industry is advancing rapidly. The investment in Evergreen Theragnostics reinforces our commitment to this fascinating sector alongside a well-positioned company in the market.”
“We’ve been following Evergreen since its inception and are excited to partner with James and his team as they bring best-in-class and best-in-class to the clinic, expand their top-tier radiopharmaceutical drug discovery activities, prepare for the commercial launch of their diagnostic product, and further capitalize on the highly specialized expertise needed to build and operate a radiopharmaceutical CDMO,” adds Patrick Lally, partner at Petrichor.
Evergreen has built an efficient and experienced team of scientific, medical, commercial and operational managers and collaborators who are able to continue to develop the innovative solution. In the coming months, Evergreen will continue to plan the launch of the diagnostic drug Octevy, subject to FDA approval. Evergreen Discovery also plans to initiate registration for therapeutic and diagnostic clinical trials for lutetium-177 (177Lu) EVG-321 and gallium-68 (68Ga) EVG-321, a novel pair of therapeutic radiopharmaceuticals that, if successful, could offer new hope to patients with small cell lung cancer.
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