Evergreen Theragnostics

Evergreen Theragnostics is a radiopharmaceutical company focused on improving available treatment options for cancer patients through the development and commercialization of radiopharmaceuticals. The company operates in three core areas: Contract Development and Manufacturing Organization (CDMO) services, proprietary products, and drug discovery.

Evergreen's CDMO business provides comprehensive manufacturing services for therapeutic and diagnostic radiopharmaceuticals, from early development through commercialization. The company has a state-of-the-art GMP radiopharmaceutical facility in Springfield, New Jersey, equipped with multiple manufacturing suites capable of handling various radioisotopes.

In the products division, Evergreen is progressing toward the potential commercialization of Octevy (Kit for Preparation of Ga 68 DOTATOC Injection), a radiopharmaceutical diagnostic agent for imaging neuroendocrine tumors using positron emission tomography (PET). The company submitted a New Drug Application (NDA) for Octevy to the US Food and Drug Administration (FDA) in December 2022, with a target approval date of July 2023. If approved, Octevy will be made available through Evergreen's radiopharmacy partners nationwide.

Evergreen's drug discovery unit, Evergreen Discovery, was launched in March 2023 to develop novel radiopharmaceuticals for cancer therapy. The company recruited Dr. Thomas Reiner, a renowned industry expert, as the Chief Scientific Officer to lead this new division. Evergreen Discovery is focused on first-in-class and unprecedented radiopharmaceuticals, with the aim of addressing urgent unmet clinical needs.

In April 2024, Evergreen completed a USD 26 million capital raise, supported by existing shareholders and new institutional investors, Petrichor and LIFTT. The funding will enable the company to advance its novel radiopharmaceutical pipeline, including the theragnostic pair EVG-321, into clinical trials for potential treatment of small cell lung cancer. The capital will also support the commercialization of Octevy and further expand Evergreen's CDMO capabilities.