Tevogen Bio Entered Into A Binding Term Sheet With An Existing Investor To Secure Up To $50M Of Financing

Author: Benzinga Newsdesk | May 10, 2024 06:49pm

• Supports expansion of Tevogen's ExacTcell™ platform toward additional clinical trials
  
   
• Bolsters a financial path to positive cashflow and minimizes dilution

WARREN, N.J., May 10, 2024 (GLOBE NEWSWIRE) -- Tevogen Bio Holdings Inc. ("Tevogen" or "Tevogen Bio") (NASDAQ:TVGN), a clinical-stage specialty immunotherapy biotech pioneer developing off-the-shelf, genetically unmodified T cell therapeutics in oncology, neurology, and virology, has entered into a binding term sheet [with an existing investor] to secure up to $50 million of financing.

This financing supports Tevogen Bio's pursuit of expanding research and development efforts with a focus on continued clinical development of the company's initial product, TVGN 489, from its ExacTcell technology platform. In January 2023, Tevogen Bio announced positive proof-of-concept clinical trial results of TVGN 489 for treatment of high-risk patients. The financing will also be utilized to facilitate Tevogen Bio's efforts to start additional clinical trials for virally induced cancers and multiple sclerosis.

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