Evergreen Theragnostics, Inc., a radiopharmaceutical Contract Development and Manufacturing Organization (CDMO), today announced that it has raised $19M in a Series A financing round. The investment was made by private investors in common shares of the company.
The funds will primarily be used for construction of a state-of-the-art radiopharmaceutical manufacturing facility in Springfield, New Jersey. The facility will be designed to meet the needs of companies in North America producing radiopharmaceuticals, including theragnostics, from early clinical development through full scale commercialization. Construction of the facility, which will be built to global Good Manufacturing Practice (GMP) standards, is set to begin in the third quarter of 2020.
"We are very pleased to have completed this investment round with such a supportive group of shareholders, especially in the midst of unprecedented market volatility resulting from COVID-19," said James Cook, Chief Executive Officer of Evergreen. "The combination of compliance with global GMP, top industry talent, and strategic facility location, with seamless access to some of the world's largest air transportation hubs including Newark Liberty International Airport in New Jersey and John F. Kennedy International Airport in New York, positions Evergreen Theragnostics to become a premier radiopharmaceutical manufacturing and distribution company."
About Evergreen Theragnostics, Inc.
Evergreen Theragnostics was established in 2019 to be a leading US-based radiopharmaceutical Contract Development and Manufacturing Organization (CDMO). With a state-of-the-art global GMP facility opening in 2021, Evergreen will provide highly reliable manufacturing services for therapeutic and centrally distributed diagnostic radiopharmaceuticals, from early development through commercialization. The company was founded by a team that brings a strong track record in theragnostic radiopharmaceutical commercialization, manufacturing process development, and regulatory affairs management. For more information, please visit www.evergreentgn.com.
