UPDATE – Tevogen Founder Reflects on Importance of Preserving Shareholder Value While Navigating Growth as it Prepares to File Quarterly Financials

Key Takeaways:

• Since its founding in 2020, Tevogen Bio has developed a significant asset portfolio, and kept expenditures under $40 million, a fraction of the industry norm.
• Tevogen’s success would not be possible without its passionate team united by a common vision.
• Founders must navigate the need for capital to fuel growth with a vigilant eye on avoiding equity dilution.
• Our financing options must consider preserving shareholder value and the potential equity dilution of warrant conversion at a strike price of $11.50 per share which could provide the company with over $200 million.

WARREN, N.J., Nov. 14, 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, announced today that it is preparing to file its quarterly financials. Reflecting on the company’s progress, Founder and CEO Ryan Saadi shared insights into Tevogen Bio’s unique approach to building an innovative biotech company with a disciplined and sustainable business model.

In his conversation with the leadership team, Dr. Saadi shared, “Since its founding in 2020, Tevogen Bio has developed a significant asset portfolio, and kept expenditures under $40 million, a fraction of the industry norm. Tevogen’s success would not be possible without its passionate team united by a common vision.” He added, “Founders must navigate the need for capital to fuel growth with a vigilant eye on avoiding equity dilution. Our financing options must consider preserving shareholder value and the potential equity dilution of warrant conversion at a strike price of $11.50 per share which could provide the company with over $200 million.”

Dr. Saadi continued, “Transient quick wins or impressive numbers may give the illusion of success, but true success is sustainable and cannot be achieved without bringing everyone on the journey — be it a company or an entire society. Aim to create a lasting impact that leaves no one behind; success will follow.”

In conclusion, Dr. Saadi said, “Patience has never been my strongest suit. With the first architectural renderings for the R&D and manufacturing site underway, I know my team won’t fail to impress me yet again. But no matter how fast it all comes together, it will always feel too late – as long as those heartbreaking pleas from fellow human beings fill my inbox, reminding me of my deepest calling. Thank you, Team Tevogen.”

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
[email protected]

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