Tevogen Bio (TVGN) Reports Nasdaq Listing Compliance, CEO Reaffirms Commitment in Bridging the Information Gap About the Company
Tevogen Bio (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.