Tevogen Bio announced up to $10 million in grant funding to enhance cancer and viral infection therapies and AI initiatives.
Quiver AI Summary
Tevogen Bio, a clinical-stage biotech company focused on immunotherapy, announced it may receive up to $10 million in non-dilutive grant funding from KRHP LLC, with an initial $2 million contribution already secured. The funding aims to support the development of T cell therapeutics for cancer and viral infections, as well as to enhance Tevogen's artificial intelligence efforts. This grant comes alongside a previously announced $36 million loan agreement expected in the second quarter of 2024. Dr. Ryan Saadi, the company's Chairman and CEO, emphasized the potential of AI technologies in biopharma and expressed gratitude for the grant, which will be used judiciously to advance Tevogen's mission. The company is driven by experienced leadership and aims to meet the significant unmet needs in healthcare through innovative therapies and business models.
Potential Positives
- Tevogen Bio has secured up to $10 million in non-dilutive grant funding, which will not affect existing shareholders.
- The grant funding will aid in the development of T cell therapies for cancers and viral infections, addressing significant patient needs.
- Expansion efforts in artificial intelligence (Tevogen.AI) will be supported by the grant, potentially enhancing drug discovery and development timelines.
- The company maintains wholly owned key intellectual property assets, positioning it strongly for future development and commercialization efforts.
Potential Negatives
- The additional grant funding is contingent on a review of the Company's activities, indicating that the future contributions are uncertain and dependent on performance evaluations.
- The company may need to raise additional capital to execute its business plan, which may present challenges in securing funding on acceptable terms.
- There's a significant mention of risks associated with the outcomes of their recent business combination and potential legal proceedings, highlighting ongoing vulnerabilities in their operational stability.
FAQ
What is the total amount of grant funding Tevogen Bio may receive?
Tevogen Bio may receive up to $10 million of non-dilutive grant funding, including an initial $2 million.
What will Tevogen Bio use the grant funding for?
The funding will support the development of cancer therapies, viral infection treatments, and the expansion of artificial intelligence efforts.
Who is providing the grant funding to Tevogen Bio?
The grant funding is provided by KRHP LLC, which is affiliated with an existing Tevogen investor.
How does this grant impact existing Tevogen Bio shareholders?
The grant is non-dilutive, meaning it does not affect the equity of current shareholders.
What is Tevogen.AI?
Tevogen.AI is Tevogen Bio's initiative aimed at leveraging artificial intelligence in drug discovery and development processes.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$TVGN Insider Trading Activity
$TVGN insiders have traded $TVGN stock on the open market 1 times in the past 6 months. Of those trades, 0 have been purchases and 1 have been sales.
Here’s a breakdown of recent trading of $TVGN stock by insiders over the last 6 months:
- NEAL FLOMENBERG (See Remarks) sold 1,078,600 shares for an estimated $1,747,332
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$TVGN Hedge Fund Activity
We have seen 28 institutional investors add shares of $TVGN stock to their portfolio, and 10 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- POLAR ASSET MANAGEMENT PARTNERS INC. removed 408,228 shares (-20.6%) from their portfolio in Q3 2024, for an estimated $150,391
- HGC INVESTMENT MANAGEMENT INC. added 223,077 shares (+inf%) to their portfolio in Q3 2024, for an estimated $82,181
- NORTHERN TRUST CORP added 104,820 shares (+inf%) to their portfolio in Q3 2024, for an estimated $38,615
- PORTLAND GLOBAL ADVISORS LLC removed 56,000 shares (-2.9%) from their portfolio in Q3 2024, for an estimated $20,630
- CITADEL ADVISORS LLC removed 48,398 shares (-100.0%) from their portfolio in Q3 2024, for an estimated $17,829
- CANTOR FITZGERALD, L. P. removed 46,309 shares (-7.1%) from their portfolio in Q3 2024, for an estimated $17,060
- CHINA UNIVERSAL ASSET MANAGEMENT CO., LTD. added 37,117 shares (+inf%) to their portfolio in Q4 2024, for an estimated $38,230
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
The grant funding will further Tevogen Bio’s mission to develop therapies for treatment of cancers and viral infections.
Tevogen Bio may also utilize the grant funding to further expand its artificial intelligence effort.
This grant is in addition to the previously announced $36 million loan agreement from 2Q24.
WARREN, N.J., Jan. 28, 2025 (GLOBE NEWSWIRE) --
Tevogen Bio
(“Tevogen Bio Holdings Inc.” or “Company”) (Nasdaq:
TVGN
), a clinical-stage specialty immunotherapy biotech, announced it may receive up to $10 million of non-dilutive grant funding. Tevogen Bio signed a grant agreement with KRHP LLC, receiving an initial contribution of $2 million. An additional $8 million may be contributed at a future date, contingent on KRHP LLC’s review of the Company’s activities. The grant is intended to further Tevogen Bio’s mission to develop T cell therapeutics addressing the significant unmet needs of large patient populations for treatment of cancers and viral infections. KRHP LLC is affiliated with an existing Tevogen investor.
The receipt of the grant was not dilutive to existing Tevogen Bio shareholders and comes at a time when the Company is acutely focused on furthering its mission through expansion of its artificial intelligence efforts, Tevogen.AI. Tevogen Bio remains committed to efficient operations and anticipates utilizing the grant in a judicious manner.
"Tevogen Bio is grateful to receive grant funding from KRHP LLC and plans to deploy the funds in part to further expand efforts in AI. We are working with Microsoft (Nasdaq:
MSFT
) and our team hosted two panels during the JPMorgan Healthcare Conference earlier this month, including one titled AI in Biopharma: Next Frontier of Medical Innovation. At that panel, Dr. David Rhew, Global Chief Medical Officer of Microsoft and Mittul Mehta, Head of Tevogen.AI discussed the possibility of AI-driven technologies revolutionizing drug discovery, accelerating development timelines, enhancing patient accessibility, fostering quicker innovation, and significantly reducing operating costs," said Dr. Ryan Saadi, Chairman 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 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
Communications@Tevogen.com
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