Tevogen Bio appoints new head of government affairs

WARREN, N.J. - Tevogen Bio Holdings Inc. (NASDAQ:TVGN), a clinical-stage biotech company specializing in immunotherapy with a market capitalization of $217 million, announced the addition of David E. Banko as Global Head of Government Affairs and Patient Access. According to InvestingPro data, while the company has seen a remarkable 193% price return over the past six months, it currently operates at a loss with negative EBITDA of $46 million. This move is part of Tevogen’s strategy to enhance market access and commercial readiness for its product portfolio, which includes treatments in oncology, virology, neurology, and rheumatology.

Mr. Banko, a seasoned expert with over three decades of experience in the healthcare industry, will focus on advancing patient access to Tevogen’s therapies currently under development. His responsibilities will include engaging with government and private payers, as well as ensuring Health Technology Assessment readiness to achieve proper coding, coverage, and provider reimbursement at the time of product launch.

David Banko’s background includes significant roles at Cordis Corp, a former Johnson & Johnson (NYSE:JNJ) company, and B. Braun Medical Inc. His expertise lies in market access for innovative technologies, shaping Medicare’s national coverage policies, and fostering the adoption of FDA-approved emerging technologies.

Dr. Ryan Saadi, CEO and founder of Tevogen Bio, emphasized the importance of Banko’s role in the company’s transition toward commercialization readiness, highlighting the need for clear value propositions for all stakeholders in today’s healthcare environment. InvestingPro analysis reveals the company operates with moderate debt levels and maintains a current ratio of 0.34, indicating potential challenges in meeting short-term obligations. Get access to 8 additional key ProTips and comprehensive financial metrics with InvestingPro.

Tevogen Bio focuses on developing precision T cell therapies for infectious diseases and cancers, utilizing CD8+ cytotoxic T lymphocytes. The company believes in the importance of patient accessibility to sustain medical innovation. It has reported positive safety data from its proof-of-concept clinical trial and owns key intellectual property assets, including patents related to artificial intelligence.

This announcement is based on a press release statement from Tevogen Bio. The company’s forward-looking statements involve known and unknown risks and uncertainties that could affect actual results, performance, or achievements, and these statements reflect management’s views as of the date of the press release. While Tevogen Bio has not provided further details on the potential impact of Mr. Banko’s appointment on its commercialization efforts or financial performance, InvestingPro data shows the stock has experienced significant volatility, with a -69% return over the past year despite recent positive momentum.

In other recent news, Tevogen Bio has filed for a new patent for its T cell vaccine technology with the U.S. Patent and Trademark Office. This vaccine design aims to stimulate a T cell response to the entire viral genome, potentially addressing challenges posed by viral mutations. The company has reported positive safety data from its proof-of-concept clinical trial and holds key intellectual property assets related to its immunotherapy research. Tevogen Bio has also announced that the development of this new vaccine technology will not impact the previously announced revenue forecasts for its Oncology and Specialty Care divisions, each projected to reach $1 billion.

In another development, Boral Capital has initiated coverage of Tevogen Bio with a Buy rating and a price target of $10.00. This reflects optimism about the company’s innovative approach to cell therapy, particularly its lead product, TVGN-489, which targets high-risk COVID-19 patients. Additionally, Tevogen Bio has expanded its collaboration with Microsoft to enhance its AI-driven PredicTcell technology. This partnership is expected to support the development of predictive precision T-cell targeting. These recent developments highlight Tevogen Bio’s ongoing efforts in the field of immunotherapy and its potential impact on the treatment of complex diseases.

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