Tevogen Bio Issues Letter to Stockholders Highlighting Recent Achievements, Growth Plans, and Consideration of a Potential Share Buyback

July 11, 2024 at 12:21 PM EDT

WARREN, N.J., July 11, 2024 (GLOBE NEWSWIRE) -- Tevogen Bio Holding Inc. (“Tevogen” or “Tevogen Bio”) (Nasdaq: TVGN), a clinical-stage specialty immunotherapy biotech pioneer developing off-the-shelf, genetically unmodified T cell therapeutics in oncology, neurology, and virology, today released a letter to stockholders highlighting recent achievements, growth plans, and consideration of a potential share buyback.

Letter to Stockholders

We are pleased to share our progress and next steps that underscore our commitment to advancing science to benefit patients and physicians while supporting our stockholder’s investment.

Our lead product candidate TVGN 489, an investigational allogeneic SARS-CoV-2 specific Cytotoxic CD8+ T lymphocyte (CTL) immunotherapy, is progressing for the treatment of acute COVID-19 in vulnerable cancer patients. Phase I clinical trial results of TVGN 489, have recently been published by Blood Advances, a peer reviewed journal. A trial aimed at identifying genetic characteristics, potentially leading to Long COVID, has been prepared and could serve as a basis for a later treatment trial.

As an oncology company, we continue to advance in the development of treatments for virally induced cancers including TVGN 920 for cervical cancer, TVGN 960 for mouth and throat cancer, and TVGN 930 for EBV-associated lymphomas. The annual incidence of these types of cancers reaches approximately one million cases in the United States.

For insight from our R&D leadership we encourage you to watch our recent Nasdaq Live from Marketsite interview. The broadcast can be seen at Tevogen Bio: The Next Frontier of Medicine | Nasdaq.

We are also happy to share that since its inception, Tevogen.AI has made strides in its mission to enhance drug discovery through predictive modeling.

We continue to emphasize our achievements, highlighting that our cost-effective business model has been instrumental in driving this level of progress. Independent equity research has initiated coverage echoing this sentiment.

In light of recent stock performance, we understand the concerns some of you may have regarding Tevogen Bio's current share price. We are acutely aware of the situation and our commitment to improving stockholder value remains steadfast. We are considering available options, including the potential for a share repurchase, to enhance the value of your investment.

“We remain committed to transparency and open communication with our stockholders. We believe that our ongoing efforts and strategic initiatives will position Tevogen Bio for sustained growth and success. Thank you for your continued trust and support,” commented Ryan Saadi, MD, MPH, Founder and CEO, Tevogen Bio.

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: 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 TVGN 920, TVGN 960 and TVGN 930; expectations regarding Tevogen’s future clinical trials; expectations regarding Tevogen.AI; expectations regarding the healthcare and biopharmaceutical industries; Tevogen’s efforts to enhance shareholder value; and Tevogen’s consideration of a potential share repurchase. 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: the challenges inherent in increasing shareholder value; uncertainty as to whether and to what extent Tevogen will pursue a share repurchase, if at all; the difficulties with and competition in developing AI technology; potential sales of a substantial number of Tevogen’s securities in the public market; the ability to regain and maintain compliance with Nasdaq’s listing requirements; that Tevogen will need to raise additional capital to execute its business plan, which may not be available on acceptable terms or at all; uncertainties inherent in the execution, cost, and completion of preclinical studies and clinical trials; risks related to regulatory review, and approval and commercial development; risks related to the ability to develop, license, or acquire new therapeutics; 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 related to the Business Combination; 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 risk of regulatory lawsuits or proceedings relating to Tevogen’s business; risks associated with intellectual property protection; Tevogen’s limited operating history; and those factors discussed or incorporated by reference in Tevogen’s registration statement on Form S-1 filed with the SEC on June 21, 2024, Annual Report on Form 10-K, and other 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