Tevogen Bio Holdings Inc. (NASDAQ:TVGN) shares are trading higher Monday, potentially driven by momentum from a late-Friday announcement regarding operational updates. Here's what you need to know.
What To Know: Shortly before the market close on Friday, Tevogen said it's close to finalizing a deal with CD8 Technology to establish a comprehensive, turn-key facility to support both pre-clinical research and GMP manufacturing capabilities. The facility is expected to be staffed by Tevogen, providing necessary infrastructure to advance the company's pipeline.
In connection with the announcement, Tevogen Bio highlighted an active agreement enabling access to a $36 million line of credit, which supports the company's ongoing operations and long-term growth efforts.
Moreover, the company's leadership addressed the company's depressed stock price and reassured investors of Tevogen Bio's focus on sustaining financial stability and shareholder value. Tevogen Bio shares are down more than 87% year-to-date. The stock was trading down close to $1 per share on Friday before surging more than 30% and closing Friday up nearly 10% for the session.
"As we prepare to file our most recent quarterly financials, I want to highlight that Tevogen Bio has the funding it needs to sustain its operations and continue executing our strategy. We remain attentive to enhancing shareholder value, which is always top of mind for our team as we work to drive long-term success," commented Kirti Desai, Tevogen Bio's CFO.
TVGN Price Action: Tevogen Bio shares were up 12.7% at $1.37 at the time of writing, according to Benzinga Pro.
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