Tevogen Signs Letter of Intent for New In-House Cell Therapy Manufacturing Facility
Rhea-AI Summary
Tevogen Bio (NASDAQ:TVGN) has signed a letter of intent to lease a 17,428-square-foot facility in New Jersey for cell therapy manufacturing operations. The facility, previously used by Pfizer and Cordis (former J&J division), will support GMP cell therapy manufacturing and complement Tevogen's growing pipeline powered by their PredicTcell™ AI-driven target discovery platform.
The lease term is expected to exceed five years, with occupancy beginning after final lease execution and necessary approvals. The strategic move aims to accelerate clinical development while maintaining cost efficiency and scalability. CEO Dr. Ryan Saadi indicated this facility will serve as a bridge while the company develops its own custom-built manufacturing facility.
Positive
- Strategic expansion of manufacturing capabilities through 17,428-square-foot facility lease
- Facility's previous use by major pharma companies (Pfizer, J&J) suggests suitable infrastructure
- Investment in GMP manufacturing capacity supports pipeline advancement toward commercialization
- Integration with PredicTcell™ AI platform demonstrates technological advancement
Negative
- Additional capital needed to execute business plan
- Facility is temporary bridge solution pending custom-built facility development
- Company has limited operating history
- Lease terms not yet finalized, subject to approvals
News Market Reaction – TVGNW
On the day this news was published, TVGNW declined 3.85%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
WARREN, N.J., July 17, 2025 (GLOBE NEWSWIRE) -- Tevogen (“Tevogen Bio Holdings Inc.” or “Company”) (Nasdaq: TVGN) today announced the signing of a letter of intent to lease a 17,428-square-foot facility in New Jersey. The facility, formerly occupied by Pfizer and Cordis, a previous division of Johnson & Johnson, should support the Company’s cell therapy manufacturing operations.
This state-of-the-art facility aligns with Tevogen’s strategic goals of accelerating clinical development while maintaining cost efficiency and scalability. The facility’s intended use will be for GMP cell therapy manufacturing and complement Tevogen’s anticipated growing pipeline powered by PredicTcell™, the company’s proprietary AI-driven target discovery platform. The lease term is expected to be greater than five years and the Company expects to begin occupancy following final lease execution and completion of necessary approvals.
“Our continued investment in infrastructure reflects our commitment to delivering innovative and accessible T cell therapies,” said Dr. Ryan Saadi, CEO of Tevogen Bio. “This facility has potential to efficiently scale our manufacturing as we advance our pipeline toward commercialization and will serve as a bridge as we enter the early stages of developing our own custom-built manufacturing facility.”
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; expectations regarding future growth; 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
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/68e05998-5a6e-432e-9f7b-0fb59eb94c11
FAQ
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