Tevogen Bio Nears Finalization of Agreement to Enhance R&D and Manufacturing Capabilities; $36 Million Line of Credit Available for Continued Operations
Tevogen Bio (Nasdaq: TVGN) is approaching finalization of an agreement with CD8 Technology for a turn-key facility to support pre-clinical research and GMP manufacturing capabilities. The company has confirmed access to a $36 million line of credit to maintain operations and support growth. The clinical-stage biotech, which develops off-the-shelf T cell therapeutics for infectious diseases and cancers, operates without substantial debt and maintains adequate cash reserves. Management emphasizes their commitment to maintaining shareholder value while focusing on operational progress and delivering affordable therapies.
Tevogen Bio (Nasdaq: TVGN) sta finalizzando un accordo con CD8 Technology per un impianto chiavi in mano destinato a supportare la ricerca pre-clinica e le capacità di produzione GMP. L'azienda ha confermato l'accesso a una linea di credito da 36 milioni di dollari per mantenere le operazioni e supportare la crescita. La biotech in fase clinica, che sviluppa terapie con cellule T pronte all'uso per le malattie infettive e i tumori, opera senza debiti significativi e mantiene adeguate riserve liquide. La direzione sottolinea il proprio impegno a mantenere il valore per gli azionisti, concentrandosi al contempo sui progressi operativi e sulla fornitura di terapie accessibili.
Tevogen Bio (Nasdaq: TVGN) está cerca de finalizar un acuerdo con CD8 Technology para una instalación llave en mano que apoyará la investigación preclínica y las capacidades de fabricación GMP. La compañía ha confirmado el acceso a una línea de crédito de 36 millones de dólares para mantener las operaciones y apoyar el crecimiento. La biotecnológica en etapa clínica, que desarrolla terapias con células T listas para usar para enfermedades infecciosas y cánceres, opera sin deudas significativas y mantiene reservas de efectivo adecuadas. La dirección enfatiza su compromiso de mantener el valor para los accionistas mientras se enfoca en el progreso operativo y en ofrecer terapias asequibles.
Tevogen Bio (Nasdaq: TVGN)는 CD8 Technology와 함께 프리클리니컬 연구 및 GMP 생산 능력을 지원하는 턴키 시설 계약을 마무리 단계에 접어들고 있습니다. 이 회사는 운영 유지 및 성장을 지원하기 위해 3600만 달러의 신용 한도에 대한 접근을 확정했습니다. 감염병 및 암 치료를 위한 기성 T세포 치료제를 개발하는 임상 단계의 생명공학 기업은 상당한 부채 없이 운영하며 적절한 현금 여유를 유지하고 있습니다. 경영진은 운영 진전을 중심으로 삼고 적정한 치료를 제공하면서 주주 가치를 유지하려는 노력을 강조합니다.
Tevogen Bio (Nasdaq: TVGN) est sur le point de finaliser un accord avec CD8 Technology pour une installation clé en main destinée à soutenir la recherche préclinique et les capacités de fabrication GMP. L'entreprise a confirmé l'accès à une ligne de crédit de 36 millions de dollars pour maintenir ses opérations et soutenir sa croissance. La biotech en phase clinique, qui développe des thérapies par cellules T prêtes à l'emploi pour les maladies infectieuses et le cancer, fonctionne sans dettes significatives et maintient des réserves de liquidités adéquates. La direction souligne son engagement à préserver la valeur pour les actionnaires tout en se concentrant sur les progrès opérationnels et la fourniture de thérapies abordables.
Tevogen Bio (Nasdaq: TVGN) steht kurz vor dem Abschluss einer Vereinbarung mit CD8 Technology über eine schlüsselfertige Anlage zur Unterstützung von präklinischer Forschung und GMP-Produktionsmöglichkeiten. Das Unternehmen hat den Zugang zu einer Kreditlinie von 36 Millionen Dollar bestätigt, um die Operationen aufrechtzuerhalten und das Wachstum zu unterstützen. Das biopharmazeutische Unternehmen in der klinischen Phase, das gebrauchsfertige T-Zell-Therapien für Infektionskrankheiten und Krebs entwickelt, arbeitet ohne nennenswerte Schulden und hält ausreichende Barreserven. Das Management betont sein Engagement, den Shareholder-Wert zu erhalten, während es sich auf operative Fortschritte und die Bereitstellung erschwinglicher Therapien konzentriert.
- Access to $36 million line of credit for operations
- Company operates without substantial debt
- Adequate cash reserves reported
- Expansion of R&D and manufacturing capabilities through new facility agreement
- Current pressure on stock price acknowledged
- Reliance on credit line for operations
Insights
The announcement reveals strategic financial positioning with two key elements: a pending facility agreement and confirmed access to
While specific terms of the facility agreement aren't disclosed, the combination of infrastructure expansion and secured credit line indicates a well-structured growth strategy. The company's focus on efficient operations and maintaining strong cash positions while pursuing expansion suggests prudent financial management. However, investors should note that the stock price pressures mentioned could indicate market skepticism or broader sector challenges that need monitoring.
The planned turn-key facility represents a strategic operational advancement that could significantly enhance Tevogen's competitive position. In-house R&D and GMP manufacturing capabilities typically offer several advantages:
- Reduced dependency on contract manufacturing organizations (CMOs)
- Better control over production timelines and quality
- Potential cost savings in the long run
- Increased intellectual property protection
WARREN, N.J., Nov. 08, 2024 (GLOBE NEWSWIRE) -- Tevogen Bio (“Tevogen” or “Tevogen Bio Holdings Inc.”) (Nasdaq: TVGN), a clinical-stage specialty immunotherapy biotech developing off-the-shelf, genetically unmodified T cell therapeutics to treat infectious disease and cancers, nears finalization of agreement with CD8 Technology for a turn-key facility intended to support both pre-clinical research and GMP manufacturing capabilities, staffed by Tevogen.
In tandem with this announcement, Tevogen Bio reaffirms its existing agreement which provides access to a
Tevogen Bio’s leadership is also mindful of current pressures on its stock price. The leadership remains committed to maintaining shareholder value and continues to focus on Tevogen Bio’s financial health, operational progress, and mission to deliver transformative and affordable therapies to patients. Tevogen Bio’s management team is diligently working to position the company for long-term success for both shareholders and patients, ensuring that decisions are aligned with sustainable growth. Tevogen Bio’s latest financials reveal the company operates without substantial debt and maintains adequate cash reserves to fund efficient operations without any near-term cash flow challenges.
Kirti Desai, Tevogen Bio’s Chief Financial Officer, commented, “As we prepare to file our most recent quarterly financials, I want to highlight that Tevogen Bio has the funding it needs to sustain its operations and continue executing our strategy. We remain attentive to enhancing shareholder value, which is always top of mind for our team as we work to drive long-term success.”
About Tevogen Bio
Tevogen 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 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 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 is driven by a team of highly experienced industry leaders and distinguished scientists with drug development and global product launch experience. Tevogen’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, cancer and neurological disorders, including TVGN 489 for the treatment of COVID-19 and Long COVID; Tevogen’s ability to develop additional product candidates, including through use of Tevogen’s ExacTcell platform; the anticipated benefits of ExacTcell; expectations regarding Tevogen’s future clinical trials; and Tevogen’s ability to generate revenue in the future. 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
FAQ
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