Evergreen Theragnostics has raised $26 million in capital through its existing shareholders and new backers Petrichor and LIFTT.
With the funding, the Springfield, NJ-based company plans to advance commercialization of its Ga-68 DOTATOC diagnostic kit, and further its theranostic pair, EVG-321, into clinical trials. Evergreen also intends to expand its capabilities as a contract development and manufacturing organization (CDMO).
Stefano Buono, chairman of LIFTT and founder and former CEO of Advanced Accelerator Applications, noted the funding is based on optimism around rapidly advancing radioligand therapies.
Evergreen noted its diagnostic agent Octevy and EVG-321 in its announcement, adding that Evergreen Discovery will continue advancing its therapeutic and diagnostic clinical trials for lutetium-177 (Lu-177) EVG-321 and gallium-68 (Ga-68) EVG-321 for small cell lung cancer.
