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Apex Trader Funding (ATF) - News

Tevogen Bio Enters Into Agreement for Up to $50 Million in Financing to Advance R&D and Clinical Development Efforts

Includes $36 million line of credit and potential $14 million private placement WARREN, N.J., June 11, 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, following the recent elimination of $94.9 million in balance sheet liabilities, has entered into a definitive agreement for up to $50 million in financing. This formalizes the binding term sheet previously announced May 10, 2024. Combined with this financing, Tevogen's efficient and innovative business model is expected to support research and development, particularly focusing on TVGN 489 the company's initial product from its ExacTcell™ technology platform, and to strengthen its IP portfolio, which currently includes 3 granted US patents, 9 pending US patent applications, and 12 ex-US patent applications. The financing consists of a combination of a $36 million line of credit and a $14 million contingent private placement. The line of credit is available immediately and allows Tevogen Bio to access up to $1 million per month at an annual interest rate of the lower of (a) the daily SOFR plus 2.0% and (b) 7.0%, accruing quarterly and payable in common stock at an effective price of $1.50 per share. Draws can be made under the line of credit for up to 36 months. The maturity date of each draw will be four years after the draw, and principal amounts are payable in cash or in common stock. Prepayment will be permitted without penalty. The private placement is available at the counterparty's option after the trailing 10-day volume weighted average share price reaches $10 per share and would be priced at a 30% discount to that price. The private placement can also include any remaining available and undrawn amount of the line of credit. "We are excited to finalize this agreement with a financing partner who shares our vison and are ready to deploy the funding as pragmatically as possible," said ...