CD8 Technology Signs Letter of Intent for Tevogen Bio’s In-House Manufacturing Facility, Marking First Phase of Up to $50 Million Commitment

Rhea-AI Summary

Tevogen Bio (Nasdaq: TVGN) has announced a significant development in its manufacturing capabilities as CD8 Technology Services signs a letter of intent for a facility to support Tevogen's cell therapy manufacturing operations. This marks the first phase of a potential $50 million commitment.

The company's CEO, Ryan Saadi, emphasized the importance of in-house manufacturing for operational efficiency, noting that with 74% insider ownership, business discipline remains a top priority. The agreement with CD8 is expected to enhance Tevogen's research and manufacturing capabilities, particularly in developing treatments for infectious diseases and cancer.

This strategic move aims to build GMP capabilities at scale, though the company acknowledges various risk factors including the need for additional capital, market competition, technological developments, and regulatory challenges. Tevogen maintains a cautious outlook, noting its limited operating history and the uncertainties inherent in clinical trials and regulatory approvals.

Positive

• 74% insider ownership indicates strong management confidence and alignment with shareholders
• Secured letter of intent for in-house manufacturing facility, potentially reducing production costs
• Up to $50 million commitment indicates substantial investment in manufacturing capabilities

Negative

• Company will need to raise additional capital to execute business plan
• Limited operating history creates execution risk
• Letter of intent is non-binding, final agreement not yet secured

WARREN, N.J., April 30, 2025 (GLOBE NEWSWIRE) -- Tevogen (“Tevogen Bio Holdings Inc.” or “Company”) (Nasdaq: TVGN) today announced that CD8 Technology Services LLC (“CD8”) has signed a letter of intent for a facility designed to support Tevogen Bio’s cell therapy manufacturing facility.

Tevogen Founder and CEO, Ryan Saadi, MD, MPH commented, “In-house manufacturing is critical to our operational efficiency, and with 74% insider ownership, we place the highest value on business discipline.”

Forward Looking Statements

This press release contains certain forward-looking statements, including without limitation statements relating to: Tevogen’s plans for its research and manufacturing capabilities; Tevogen’s ability to build GMP capabilities at scale; the prospective benefits of the agreement with CD8; expectations regarding future product revenues; expectations regarding the healthcare and biopharmaceutical industries; and Tevogen’s development of, the potential benefits of, and patient access to its product candidates for the treatment of infectious diseases and cancer. 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; 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; 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; risks related to the ability to develop, license or acquire new therapeutics; 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.

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

What is the value of CD8 Technology's commitment to Tevogen Bio's manufacturing facility?

CD8 Technology has made a commitment of up to $50 million, starting with signing a letter of intent for Tevogen Bio's cell therapy manufacturing facility.

How much insider ownership does Tevogen Bio (TVGNW) have in 2025?

According to the press release, Tevogen Bio has 74% insider ownership, demonstrating significant internal stakeholder investment in the company.

What is the purpose of Tevogen Bio's new manufacturing facility partnership with CD8?

The facility is designed to support Tevogen Bio's cell therapy manufacturing operations, aiming to enhance operational efficiency through in-house manufacturing capabilities.

Will Tevogen Bio's manufacturing deal with CD8 Technology affect its GMP capabilities?

The agreement is expected to help Tevogen Bio build GMP capabilities at scale, though specific details about the impact are subject to forward-looking statements and future developments.

What areas of treatment does Tevogen Bio focus on developing products for?

According to the press release, Tevogen Bio is developing product candidates for the treatment of infectious diseases and cancer.