WARREN, N.J., May 10, 2024 (GLOBE NEWSWIRE) — Tevogen Bio Holdings Inc. (“Tevogen” or “Tevogen Bio”), a pioneer in clinical-stage specialty immunotherapy biotechnology developing off-the-shelf products, NASDAQ: TVGN) Non-genetically engineered T-cell therapeutics in oncology, neurology and virology entered into binding term sheet [with an existing investor] Secure up to $50 million in funding.
This funding will support Tevogen Bio's pursuit of expanding its research and development activities, with a focus on the continued clinical development of the company's initial product, TVGN 489, on the ExacTcell technology platform. In January 2023, Tevogen Bio announced positive proof-of-concept clinical trial results for his TVGN 489 in the treatment of high-risk patients. The funding will also be used to accelerate Tevogen Bio's efforts to initiate additional clinical trials in virus-induced cancers and multiple sclerosis.
“This financing will help us pursue our goals and we are pleased with the support of our existing shareholders,” said Dr. Ryan Saadi, founder and CEO of Tevogen Bio. “We strongly believe that Tevogen's efficient operating and innovative thinking business model will enable us to meaningfully expand our R&D efforts and investment in Tevogen AI with the support of this additional funding. We are pleased to take this important step to help patients by providing personalized T-cell therapy that is affordable and accessible to a large patient population.”
The financing is based on a $36 million line of credit provided by existing investors to Tevogen Bio and a private placement of $1,400 at a 30% discount to the future 10-day volume-weighted average price after the price reaches $10. Consists of a combination of $1,000,000. per share. The financing facility provides Tevogen Bio with access to $1 million per month at an interest rate of (a) daily SOFR plus 2.0% and (b) 7.0%, accruing quarterly; paid in common stock. Withdrawals may be made under the Credit Facility for up to 36 months, with each withdrawal maturity date being four years after the withdrawal. The financing facility will be accessible immediately upon closing of the transaction. The private placement may also include the remaining amount of the available undrawn credit facility.
“Our continued investment underscores our belief in Tevogen, its leadership and new technologies. Tevogen’s cost-effective business model and promise of commercial success make this an attractive It will be a deal,” said investor Dr Manmohan Patel, a counterparty in the loan deal.
The financing is expected to close by the end of the second quarter of 2024, subject to the completion of final documentation.
About Tevogen
Tevogen harnesses CD8+ cytotoxic T-lymphocytes, one of nature's most powerful immune weapons, to create an off-the-shelf, non-genetically engineered, precision T-cell therapy for the treatment of infectious diseases, cancer, and neurological disorders. is a clinical-stage specialty immunotherapy company developing. We aim to address the critical unmet needs of a large patient population. Tevogen Leadership believes that sustainability and commercial success in the current healthcare era depends on ensuring patient access through cutting-edge science and innovative business models. Tevogen has reported positive safety data from proof-of-concept clinical trials, and its primary intellectual property assets are wholly owned by the company and are not subject to third-party license agreements. These assets include three granted patents and 12 pending patents, two of which are related to artificial intelligence.
Tevogen is powered by a team of experienced industry leaders and renowned scientists with experience in drug development and global product launches. Tevogen's leadership believes that accessible, personalized treatments are the next frontier in healthcare and that sustaining medical innovation requires disruptive business models.
Forward-looking statements
This press release contains certain forward-looking statements, including, without limitation, statements relating to: Tevogen's ability to develop additional product candidates, including the development of product candidates for the treatment of infectious diseases, cancer, and neurological disorders, their potential benefits, and patient access Tevogen's use of his ExacTcell platform . Expected benefits of ExacTcell. expectations regarding Tevogen's future research and development and clinical trials; Healthcare and biopharmaceutical industry. and Tevogen's ability to generate future revenues. Forward-looking statements include “may,” “might,” “will,” “expected,” “potential,” “potential,” “target,” ” It may be identified by words such as 'opportunity', 'plans' and 'believes'. ”, “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 presentation and are subject to known and unknown risks, delays, uncertainties and other risks beyond the Company's control. It can be influenced by many factors, including factors such as The Company's actual results, performance or achievements may differ materially from the results, performance or other expectations expressed or implied by these forward-looking statements.
These factors include, but are not limited to: The parties may not be able to enter into definitive transaction documents on a timely basis or at all on the terms described. Tevogen will need to raise additional capital to execute its business plans, which it may not be able to do on acceptable terms or at all; the impact of our recent business combination with Semper Paratus Acquisition Corporation (the “Business Combination”) on Tevogen's business relationships, results of operations and business generally; costs associated with the business combination and the failure to realize the anticipated benefits of the business combination; the outcome of any legal proceedings that may be brought against Tevogen in connection with the business combination; changes in the markets in which Tevogen competes, including the competitive environment, technological advances and regulatory changes; changes in general economic conditions domestically and worldwide; the risk that Tevogen may be unable to implement its growth strategies or may have difficulty managing growth or expanding its operations; the risk that Tevogen may be unable to develop and maintain effective internal controls; failure to achieve Tevogen's commercialization and development plans and identify and realize additional opportunities; These opportunities may be affected by, among other things, competition, Tevogen's economic growth and growth management, and its ability to hire and retain key employees. the risk that Tevogen may not be able to keep pace with rapid technological developments to offer new and innovative products and services or make significant investments in new products and services that are not successful; our ability to develop, license and obtain new treatments; the risk of regulatory litigation or proceedings relating to Tevogen's business; uncertainties associated with the conduct, cost and completion of preclinical studies and clinical trials; risks associated with regulatory review, approval and commercial development; risks related to intellectual property protection; Tevogen has a limited operating history. and the factors discussed in his Tevogen Annual Report on Form 10-K and other filings with the SEC.
You should not place undue reliance on forward-looking statements, which speak only as of the date on which they are made. Tevogen undertakes no obligation to update any forward-looking statements, except as required by applicable law.
contact address
Tevogen Bio Communications
Phone number: 1 877 TEVOGEN, extension 701
Communications@Tevogen.com
