Evergreen Theragnostics, a clinical stage contract development and manufacturing organization (CDMO) developing radiopharmaceuticals for cancer therapy, completed a $15 million Series B capital raise. Evergreen is also launching a new business unit, Evergreen Discovery, which is focused on developing novel radiopharmaceuticals for cancer therapy.

To support its new business unit, Evergreen recruited Thomas Reiner as its chief scientific officer. Previously, Reiner served as head of Radiolig and 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,” said Reiner. “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.”

James Cook, President and CEO of Evergreen Theragnostics 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.”

Evergreen Discovery will be based in a new research facility near Princeton, NJ, and is scheduled to open in 3Q23.

The company will also use funds from the recent capital to prepare for the launch of Ga-68 DOTATOC (a radiopharmaceutical).

According to the company, activities will include building commercial capabilities and staffing, as well as inventory build. 

“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 Cook. “We are glad to have secured this important funding to enable our continued pursuit of these goals.”