Tevogen Bio Secures $6 Million Series C Preferred Stock Investment

WARREN, N.J., Aug. 22, 2024 (GLOBE NEWSWIRE) -- Tevogen Bio Holdings 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, has entered into a definitive agreement for a $6.0 million Series C Preferred Stock investment with The Patel Family, LLP.

The shares of Series C Preferred Stock will have a 7.5% dividend per year, accruing and payable quarterly. The Series C Preferred Stock is convertible into shares of common stock after 6 months at the election of the holder, and callable by Tevogen for redemption after 5 years at Tevogen’s election. The Series C Preferred Stock does not have any mandatory redemption and is non-voting. Dividends will cease to accrue after 10 years if the Series C Preferred Stock remains outstanding at that time.

A statement from The Patel Family, LLP reads, "Our commitment to a long-term position in Tevogen Bio stock reflects our conviction in its innovative approach to precision T cell therapies and to the leadership team. We believe they will ensure the company moves forward on its goals of helping patients and shareholders alike.”

“We are fortunate to have The Patel Family, LLP as a long-term partner that believes not only in our mission but also our vision for the future of medicine. We view their unwavering support and continued investment as a testament to the strength of our business model and the promise of our innovative therapies,” remarked founding CEO of Tevogen Bio, Dr. Ryan Saadi, MD, MPH.

The purchase agreement for the Series C Preferred Stock provides for two closings, one on August 30, 2024, for $4.0 million, and one on September 16, 2024, for $2.0 million.

About Tevogen Bio

Tevogen is a clinical-stage specialty immunotherapy company harnessing 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 and numerous pending patents, two of which are related to artificial intelligence.