Tevogen Bio Prepares Organizational Readiness to Support Company’s Growth Strategy
Rhea-AI Summary
Tevogen Bio (Nasdaq: TVGN) announced organizational changes to support growth, including expanded responsibilities for key leaders. The company reported significant financial improvements with a $52.5 million reduction in net loss and sufficient capital for 33 months of operations. Revenue forecasts project $1 billion in launch year for oncology with 5-year estimates of $10-14 billion, and specialty care projections of nearly $1 billion in launch year with 5-year estimates of $18-22 billion. The company signed a Letter of Intent with CD8 Technology for a $50 million R&D and manufacturing facility. Notably, Tevogen maintains 78% founding team ownership, contrasting with industry norms of around 5%.
Positive
- Net loss reduced by $52.5 million
- 33 months of operational funding secured
- Projected oncology revenue of $10-14 billion over 5 years
- Projected specialty care revenue of $18-22 billion over 5 years
- High founding team ownership at 78%
- Elimination of nearly all liabilities
Negative
- None.
News Market Reaction
On the day this news was published, TVGNW gained 5.58%, reflecting a notable positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
WARREN, N.J., Nov. 26, 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, today announced addition responsibilities for key leaders to further expand company capabilities.
As part of this leadership evolution:
- Tapan V Shah, Head of Investor Relations and Corporate Development, will take on added responsibility for US Government Affairs and Policy.
- William Keane, Vice President of Strategic Initiatives, will assume additional responsibilities for New Business Development.
- Wojtek Stobinski, Corporate Identity Lead, will oversee the business integration of any potential future acquisitions.
Recent Announcements:
- Third Quarter 2024 Financial Results. Reduction of net loss by
$52.5 million , elimination of nearly all liabilities, sufficient available capital to fund operations for the next 33 months. - Oncology Top-Line Revenue Forecast.
$1 Billion in launch year and cumulative 5-year estimate between$10 Billion and$14 Billion . - Specialty Care Top-Line Revenue Forecast. Nearly
$1 Billion in launch year and cumulative 5-year estimate between$18 Billion and$22 Billion . - Letter of Intent with CD8 Technology to Build Up to a
$50 Million R&D and Manufacturing Facility. CD8 Technology Services, LLC to provide turn-key facility for Tevogen Bio. No Impact on Shareholder Equity.
Commitment to C.O.R.E. Values: Curiosity, Optimism, Respect, and Equality
Tevogen Bio’s culture, known as C.O.R.E., underpins the company’s mission and fosters a collaborative environment built on Curiosity, Optimism, Respect, and Equality. These values are more than guiding principles—they are foundational to how Tevogen operates, empowering teams to push the boundaries of science while fostering a diverse and inclusive workplace.
“Tevogen’s C.O.R.E. values reflect leaderships commitment to embracing diverse perspectives, encouraging a readiness to learn, and creating solutions with a shared purpose,” said Victor Sordillo, Board Member of Tevogen Bio.
Ryan Saadi, MD, MPH, Founder and CEO, Tevogen Bio, commented, “I commend Tevogen’s leadership for steering the company’s remarkable growth strategy. With over three decades in this sector, I see Tevogen’s significant achievements since inception as a testament to the strength of our efficient business model. While excessive dilution at public listing, leaving founding teams with around
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
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