Tevogen Bio Shares 2024 Financing Activity on One Year Anniversary of Becoming a Publicly Listed Company; Highlights Operational Efficiency
WARREN, N.J., Feb. 14, 2025 (GLOBE NEWSWIRE) -- Tevogen Bio ("Tevogen Bio Holdings Inc." or "Company") (NASDAQ:TVGN), a clinical-stage specialty immunotherapy biotech company, shares a summary of the Company's 2024 financing activity at the one year anniversary of being listed on the Nasdaq exchange.
- On October 29, Tevogen Bio signed a letter of intent with CD8 Technology Services to build an up to $50 million turn-key research and development facility for Tevogen Bio's use. This arrangement, when finalized, will not dilute existing Tevogen Bio shareholders.
- On August 15, Tevogen Bio entered into a definitive agreement for a $6 million Series C Preferred Stock investment ("Series C"). The shares of the Series C have a 7.5% annual dividend and are convertible into shares of common stock after 6 months, at the election of the holder. The Series C is non-voting.
- On June 11, Tevogen Bio entered into a definitive agreement for up to $50 million in financing, consisting of a $36 million line of credit and a $14 million contingent private placement. The line of credit was available immediately and allows Tevogen Bio to access up to $1 million per month at an annual interest rate of the lower of (a) the daily SOFR plus 2.0% and (b) 7.0%. The private placement is available at the counterparty's option contingent on the Company's share price.
- On February 15, Tevogen Bio entered into a securities purchase agreement for an $8 million Series A Preferred Stock investment. The investment was made in conjunction with Tevogen Bio's debut as a public company.
In addition to financing activity from 2024, on January 28, 2025, Tevogen Bio entered into an agreement to receive up to $10 million in grant funding. This grant funding is not dilutive to existing Tevogen Bio shareholders. $2 million was received and an additional $8 million may be provided at a future date based on the grantor's review of the Company's activities.
"Tevogen Bio's ability to secure strategic financing reflects confidence in our unique, cost-efficient business model, which has the potential to serve as a blueprint for sustainable medical innovation," said Dr. Ryan Saadi, Founder and CEO of Tevogen Bio. "This funding, combined with our disciplined operations and innovative approach, may enable R&D efforts and accelerate advancements in Tevogen.AI. Our mission to develop accessible, personalized T cell therapies that can serve large patient populations without the traditional cost barriers of advanced therapeutics remains clear."
About Tevogen Bio
Tevogen Bio is a clinical-stage specialty immunotherapy company harnessing one of nature's most powerful immunological weapons, CD8+ cytotoxic T lymphocytes, to develop off-the-shelf, genetically unmodified precision T cell therapies for the treatment of infectious diseases, cancers, and neurological disorders, aiming to address the significant unmet needs of large patient populations. Tevogen Bio Leadership believes that sustainability and commercial success in the current era of healthcare rely on ensuring patient accessibility through advanced science and innovative business models. Tevogen Bio has reported positive safety data from its proof-of-concept clinical trial, and its key intellectual property assets are wholly owned by the company, not subject to any third-party licensing agreements.
Tevogen Bio is driven by a team of highly experienced industry leaders and distinguished scientists with drug development and global product launch experience. Tevogen Bio's leadership believes that accessible personalized therapeutics are the next frontier of medicine, and that disruptive business models are required to sustain medical innovation.
Forward Looking Statements
This press release contains certain forward-looking statements, including without limitation statements relating to: expectations regarding the healthcare and biopharmaceutical industries; Tevogen's development of, the potential benefits of, and patient access to its product candidates for the treatment of infectious diseases and cancer; Tevogen's plans to expand its efforts in artificial intelligence; Tevogen's ability to develop additional product candidates; Tevogen's use of funds from the grant; and the potential receipt of additional future grants. Forward-looking statements can sometimes be identified by words such as "may," "could," "would," "expect," "anticipate," "possible," "potential," "goal," "opportunity," "project," "believe," "future," and similar words and expressions or their opposites. These statements are based on management's expectations, assumptions, estimates, projections and beliefs as of the date of this press release and are subject to a number of factors that involve known and unknown risks, delays, uncertainties and other factors not under the company's control that may cause actual results, performance or achievements of the company to be materially different from the results, performance or other expectations expressed or implied by these forward-looking statements.
Factors that could cause actual results, performance, or achievements to differ from those expressed or implied by forward-looking statements include, but are not limited to: that Tevogen will need to raise additional capital to execute its business plan, which may not be available on acceptable terms or at all; the effect of the recent business combination with Semper Paratus Acquisition Corporation (the "Business Combination") on Tevogen's business relationships, operating results, and business generally; the outcome of any legal proceedings that may be instituted against Tevogen; changes in the markets in which Tevogen competes, including with respect to its competitive landscape, technology evolution, or regulatory changes; changes in domestic and global general economic conditions; the risk that Tevogen may not be able to execute its growth strategies or may experience difficulties in managing its growth and expanding operations; the risk that Tevogen may not be able to develop and maintain effective internal controls; costs related to the Business Combination and the failure to realize anticipated benefits of the Business Combination; the failure to achieve Tevogen's commercialization and development plans and identify and realize additional opportunities, which may be affected by, among other things, competition, the ability of Tevogen to grow and manage growth economically and hire and retain key employees; the risk that Tevogen may fail to keep pace with rapid technological developments to provide new and innovative products and services or make substantial investments in unsuccessful new products and services; the ability to develop, license or acquire new therapeutics; that Tevogen will need to raise additional capital to execute its business plan, which may not be available on acceptable terms or at all; the risk of regulatory lawsuits or proceedings relating to Tevogen's business; uncertainties inherent in the execution, cost, and completion of preclinical studies and clinical trials; risks related to regulatory review, approval and commercial development; risks associated with intellectual property protection; Tevogen's limited operating history; and those factors discussed or incorporated by reference in Tevogen's Annual Report on Form 10-K and subsequent filings with the SEC.
You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Tevogen undertakes no obligation to update any forward-looking statements, except as required by applicable law.
Contacts
Tevogen Bio Communications
T: 1 877 TEVOGEN, Ext 701
[email protected]
