Tevogen Bio to Receive $8 Million of Non-Dilutive Grant Funding, Reiterates Efficient Operations
- Tevogen Bio will receive the remaining $8 million grant, totaling $10 million, from KRHP LLC this quarter, following a positive review of its progress, particularly in Tevogen.AI.
- Efficient operations with operating expenses of $9.7 million for the first three quarters of 2024.
- The company's AI division has advanced its PredicTcell platform using expanded datasets and wet lab science to enhance predictive modeling capabilities.
WARREN, N.J., March 03, 2025 (GLOBE NEWSWIRE) -- Tevogen Bio ("Tevogen Bio Holdings Inc." or "Company") (NASDAQ:TVGN), a clinical-stage specialty immunotherapy biotech, announced in January 2025, it received $2 million on non-dilutive grant funding from KRHP LLC ("Grantor") with an additional $8 million to be contributed contingent on the Grantor's review of the Company's activities. Tevogen Bio is pleased to announce it will receive the remaining $8 million in funding from the Grantor prior to the end of the current fiscal quarter based on the Grantor's evaluation of the Company's progress, particularly in Tevogen Bio's artificial intelligence effort, Tevogen.AI. This $8 million grant, similar to the initial grant amount, is not dilutive to existing Tevogen Bio shareholders.
Since entering an agreement with Microsoft (NASDAQ:MSFT), Tevogen.AI has enhanced the PredicTcell platform by advancing a dataset of viruses and diseases, supported by wet lab science, to improve model training and development. In parallel, Tevogen.AI has been expanding its team with the goal of delivering predictive models.
Tevogen Bio continues to maintain efficient operations in its mission to develop therapies for treatment of cancers and viral infections with operating expenses of $9.7 million for the first three fiscal quarters of 2024. As a product of this efficient model, the $8 million grant will contribute meaningfully towards the Company's mission.
"Tevogen Bio's disciplined business model is designed for long-term success without reliance on excessive capital raises or shareholder dilution. This additional $8 million in non-dilutive funding reinforces the efficiency and sustainability of our approach, which we believe must be the new standard in biotech," commented Ryan Saadi, MD, MPH, Founder and CEO of Tevogen Bio.
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 to treat infectious disease and cancers, 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. These assets include three granted patents, nine pending US and twelve ex-US pending patents, two of which are related to artificial intelligence.
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 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; 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
