Tevogen Bio Shares 2024 Financing Activity on One Year Anniversary of Becoming a Publicly Listed Company; Highlights Operational Efficiency
Summary
The line of credit was available immediately and allows Tevogen Bio to access up to $1 million per month at an annual interest rate of the lower of (a) the daily SOFR plus 2.0% and (b) 7.0%. $2 million was received and an additional $8 million may be provided at a future date based on the grantors review of the Companys activities.Tevogen Bios ability to secure strategic financing reflects confidence in our unique, cost-efficient business model, which has the potential to serve as a blueprint for sustainable medical innovation, said Dr. Ryan Saadi, Founder and CEO of Tevogen Bio. Our mission to develop accessible, personalized T cell therapies that can serve large patient populations without the traditional cost barriers of advanced therapeutics remains clear.Tevogen Bio is a clinical-stage specialty immunotherapy company harnessing one of natures 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 Bio 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 Bio 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.Tevogen Bio is driven by a team of highly experienced industry leaders and distinguished scientists with drug development and global product launch experience.
Funding
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