WARREN, NJ, Aug. 22, 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 for oncology, neurology and virology, has entered into a definitive agreement with The Patel Family, LLP for a $6.0 million investment in Series C preferred stock.
The Series C Preferred Stock will bear a dividend of 7.5% per annum, accrued and payable quarterly. The Series C Preferred Stock will be convertible into common stock after 6 months at the option of the holder and may be called for redemption by Tevogen after 5 years at Tevogen’s option. The Series C Preferred Stock will not be subject to mandatory redemption and will not carry voting rights. Dividends will cease to accrue after 10 years if the Series C Preferred Stock is still outstanding at that time.
A statement from The Patel Family, LLP said: “Our commitment to a long-term position in Tevogen Bio shares reflects our belief in its innovative approach to precision T-cell therapies and in the leadership team. We believe they will ensure the company advances its goals of helping patients and shareholders alike.”
“We are fortunate to have a long-term partner in The Patel Family, LLP who believes not only in our mission but also in our vision for the future of medicine. We view their tireless support and continued investment as a testament to the strength of our business model and the potential of our innovative therapies,” noted Dr. Ryan Saadi, MD, MPH, Founder and CEO of Tevogen Bio.
The purchase agreement for the Series C Preferred Stock provides for two closing transactions, one on August 30, 2024 for $4.0 million and one on September 16, 2024 for $2.0 million.
About Tevogen Bio
Tevogen is a clinical-stage immunotherapy company leveraging CD8+ cytotoxic T lymphocytes to develop off-the-shelf, genetically unmodified precision T cell therapies to treat infectious diseases, cancer and neurological disorders, addressing significant unmet needs in large patient populations. Tevogen’s management believes that sustainability and commercial success in today’s era of healthcare depend on providing patient access 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 is 100% owned by the Company and not subject to third-party licensing agreements. This property includes three issued patents and numerous pending patents, two of which are related to artificial intelligence.
Tevogen is led by a team of experienced industry leaders and scientists with experience in drug development and global product launch. Tevogen’s leadership believes that accessible personalized therapeutics are the next frontier in medicine and that breakthrough business models are needed to sustain medical innovation.
Forward-looking statements
This press release contains certain forward-looking statements, including, but not limited to, statements with respect to: expectations regarding the healthcare and biopharmaceutical industries; Tevogen’s development, potential benefits and patient access to its product candidates for the treatment of infectious diseases, cancer and neurological diseases, including TVGN 489 for the treatment of COVID-19 and Long COVID; Tevogen’s ability to develop additional product candidates, including by leveraging Tevogen’s ExacTcell platform; the expected 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,” “target,” “opportunity,” “project,” “believe,” “future” and similar words and expressions or the opposites thereof. 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 beyond the Company’s control that may cause the Company’s actual results, performance or achievements to differ materially from any results, performance or other expectations expressed or implied by such forward-looking statements.
Factors that could cause actual results, performance or achievements to differ materially from those expressed or implied by the forward-looking statements include, among others: Tevogen’s need to raise additional capital to implement its business plan, which may not be available on acceptable terms or at all; the impact of the recent business combination with Semper Paratus Acquisition Corporation (the “Business Combination”) on Tevogen’s business relationships, results of operations and business generally; the outcome of any legal proceedings brought against Tevogen in connection with the Business Combination; changes in the markets in which Tevogen competes, including with respect to its competitive environment, technological developments or regulatory changes; changes in general economic conditions both domestically and internationally; the risk that Tevogen will not be able to implement its growth strategies or will have difficulty managing its growth and expansion of its operations; the risk that Tevogen will not be able to develop and maintain effective internal controls; Costs related to the business combination and the failure to realize the expected benefits of the business combination; the inability to achieve Tevogen’s commercialization and development plans and to identify and realize additional opportunities, which may be affected by, among other things, competition, Tevogen’s ability to grow and economically manage growth and to recruit and retain key employees, the risk that Tevogen will not be able to keep pace with rapid technological developments to offer new and innovative products and services or make significant investments in unsuccessful new products and services, the ability to develop, license or acquire new therapeutics, that Tevogen will have to raise additional capital to implement its business plan, which may not be available on acceptable terms or at all, the risk of regulatory claims or proceedings relating to Tevogen’s business, inherent uncertainties relating to the conduct, cost and completion of preclinical studies and clinical trials, risks relating to regulatory review and approval and commercial development, risks relating to the protection of intellectual property, Tevogen’s limited operating history, and those factors discussed in the Annual Report Tevogen’s Form 10-K and subsequent filings with the SEC or incorporated by reference.
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 law.
Contacts
Tevogen Bio Communications
T: 1 877 TEVOGEN, extension 701
[email protected]
