Tevogen Bio Holdings (NASDAQ: TVGN) stock saw a marginal increase in intraday trading Monday following the news of securing up to $50 million in financing from an existing investor.
Tevogen Bio (TVGN) recently entered into a binding term sheet agreement with an existing investor, securing up to $50 million in financing.
The company plans to use this funding to support ongoing research and development initiatives for TVGN 489, its flagship product. Moreover, Tevogen will allocate funds towards initiating clinical trials targeting virally induced cancers and multiple sclerosis.
Dr. Ryan Saadi, CEO of Tevogen, expressed confidence in the company’s ability to expand its R&D activities and investments, leveraging its efficient operations and innovative approach to bring affordable and accessible personalized T-cell therapies to a wide range of patients.
The financing package comprises a $36 million line of credit from an existing investor and $14 million in private placement. Under the terms of the line of credit, Tevogen gains access to $1 million per month at an interest rate determined by either the daily secured overnight financing rate plus 2% or 7% accruing quarterly, depending on which is lower.
Dr. Manmohan Patel, an investor participating in the financing transaction, highlighted Tevogen’s compelling value proposition and potential for commercial success, stating,
“Our continued investment emphasizes our conviction in Tevogen, its leadership, and novel technology. Tevogen’s cost-effective business model and the promise of commercial success make this a compelling transaction.”
Tevogen Bio (NASDAQ: TVGN) Stock Movement
TVGN stock rose 1.57% to close at $1 on Monday. Its value increased by 4.17% this week. Trading activity has witnessed 21,129,702 (21.12 million) shares changing hands, well above the average daily volume of 955.95K.
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