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Tevogen Bio Enters Agreement to Receive Up To $10 Million of Non-Dilutive Grant Funding
The grant funding will further Tevogen Bio’s mission to develop therapies for treatment of cancers and viral infections.Tevogen Bio may also utilize the grant
About this update from Tevogen Bio Holdings Inc.
[{"type":"text","content":"The grant funding will further Tevogen Bio’s mission to develop therapies for treatment of cancers and viral infections.Tevogen Bio may also utilize the grant funding to further expand its artificial intelligence effort.This grant is in addition to the previously announced $36 million loan agreement from 2Q24. WARREN, N.J., Jan. 28, 2025 (GLOBE NEWSWIRE) -- Tevogen Bio (“Tevogen Bio Holdings Inc.” or “Company”) (Nasdaq: TVGN), a clinical-stage specialty immunotherapy biotech, announced it may receive up to $10 million of non-dilutive grant funding. Tevogen Bio signed a grant agreement with KRHP LLC, receiving an initial contribution of $2 million. An additional $8 million may be contributed at a future date, contingent on KRHP LLC’s review of the Company’s activities. The grant is intended to further Tevogen Bio’s mission to develop T cell therapeutics addressing the significant unmet needs of large patient populations for treatment of cancers and viral infections. KRHP LLC is affiliated with an existing Tevogen investor. The receipt of the grant was not dilutive to existing Tevogen Bio shareholders and comes at a time when the Company is acutely focused on furthering its mission through expansion of its artificial intelligence efforts, Tevogen.AI. Tevogen Bio remains committed to efficient operations and anticipates utilizing the grant in a judicious manner. \"Tevogen Bio is grateful to receive grant funding from KRHP LLC and plans to deploy the funds in part to further expand efforts in AI. We are working with Microsoft (Nasdaq: MSFT) and our team hosted two panels during the JPMorgan Healthcare Conference earlier this month, including one titled AI in Biopharma: Next Frontier of Medical Innovation. At that panel, Dr. David Rhew, Global Chief Medical Officer of Microsoft and Mittul Mehta, Head of Tevogen.AI discussed the possibility of AI-driven technologies revolutionizing drug discovery, accelerating development timelines, enhancing patient accessibility, fostering quicker innovation, and significantly reducing operating costs,\" said Dr. Ryan Saadi, Chairman and CEO of Tevogen Bio. About Tevogen Bio Tevogen Bio 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 ther...