Tevogen Bio Reports Nasdaq Listing Compliance as CEO Reaffirms His Commitment in Bridging the Information Gap About the Company
29 Octubre 2024 - 1:28PM
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 on October 28,
2024, it received written notice from the Listing Qualifications
Staff of the Nasdaq Stock Market LLC (“Nasdaq”) stating that the
Company has regained compliance with the minimum bid price
requirement (the “Minimum Bid Price Requirement”), as set forth in
Nasdaq Listing Rule 5550(a)(2) for continued listing on The Nasdaq
Global Market.
Tevogen was notified by Nasdaq on June 14, 2024, that it was not
in compliance with the Minimum Bid Price Requirement because its
common stock had failed to maintain a minimum bid price of $1.00
for 30 consecutive business days. In order to regain compliance
with the Minimum Bid Price Requirement, the Company was required to
maintain a minimum closing bid price of $1.00 or more for at least
10 consecutive trading days, which was achieved during the period
between October 14, 2024, to October 25, 2024. The Company’s
closing price was $3.05 on October 25, 2024. Tevogen did not effect
a reverse stock split of its common stock.
“Founders must navigate the need for capital to fuel growth with
a vigilant eye on avoiding equity dilution. Since inception,
Tevogen Bio’s financing strategy has confirmed our business
philosophy of preserving shareholder value through speed and cost,”
commented Ryan Saadi, MD, MPH, Founder and CEO of Tevogen Bio.
Recent Announcements:
- Tevogen announces efforts on
pipeline development including developing cell therapies designed
to eradicate post procedure HPV in women with precancerous cervical
lesions
- Tevogen Oncology top-line revenue
forecast of $1 billion in launch year of 2026 and cumulative 5-year
estimate between $10 billion and $14 billion
- Tevogen Specialty Care top-line
revenue forecast of nearly $1 billion in launch year and cumulative
5-year estimate between $18 billion and $22 billion
- Tevogen’s artificial intelligence
effort, Tevogen.AI, has joined Microsoft (Nasdaq: MSFT) for
Startups
Key Achievements:
- In June of 2020, Tevogen Bio is
founded and launched its proprietary ExacTcellTM technology,
designed to create accessible and disease-specific cellular
immunotherapies.
- Tevogen Bio is granted 3 U.S.
patents by 2022; there are currently 9 additional patents pending,
including 2 for Artificial Intelligence, and 12 international
applications filed.
- Tevogen Bio is recognized as the
highest valued biotech unicorn of 2022, with an independent $4.2
billion valuation.
- By 2023, positive proof-of-concept
clinical trial results are announced for TVGN 489, Tevogen Bio’s
allogeneic CD8+ T cell therapy for high-risk SARS-CoV-2 patients.
No dose-limiting toxicities or significant adverse events were
reported, and secondary endpoints show rapid reduction of viral
load, highlighting the potential of the therapy.
- Tevogen.AI is introduced to create
artificial intelligence solutions for greater patient accessibility
and quicker innovation while decreasing operating cost. Recently,
Tevogen.AI has joined the Microsoft for Startups program gaining
access to experts and resources from a world-leading AI
company.
- On February 15, 2024, Tevogen Bio
celebrates its public debut by ringing the Nasdaq Opening Bell,
marking its first day of trading on the public market.
- Tevogen Bio is now included in the
Russell 3000® Index, reflecting its growing presence and impact in
the biotech industry.
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 CommunicationsT: 1 877 TEVOGEN, Ext 701
Communications@Tevogen.com
Tevogen Bio (NASDAQ:TVGN)
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