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WARREN, N.J. - Tevogen Bio Holdings Inc. (Nasdaq: TVGN), a specialty pharmaceutical company with a market capitalization of $226 million that has seen its stock surge nearly 9% in the past week, announced today plans to extend the target population for its COVID-19 treatment, TVGN 489, to include patients aged 65 and older. This move is part of the company’s strategy to expand the market reach of its specialty pharmaceuticals amid the emergence of a new, more contagious COVID variant, NB.1.8.1, which was previously identified in China. According to InvestingPro data, the stock has demonstrated strong momentum, delivering a 50% return over the past year.
The company’s Chief Commercial Officer, Sadiq Khan, with extensive experience in the pharmaceutical industry, underscored the importance of increasing clinical manufacturing capacity in response to the new variant and the broader unmet medical needs.
TVGN 489 is currently used for treating SARS-CoV-2 infection in patients with B cell hematologic cancer, and the company has plans to expand its use for other cancers, rheumatoid arthritis, psoriatic arthritis, and Long COVID as part of its oncology and specialty care forecasts.
The initial top-line revenue forecast for Tevogen’s specialty care pipeline, reported in October 2024, anticipated nearly $1 billion in the launch year, with a five-year cumulative estimate ranging from $18 billion to $22 billion. An updated forecast, including the risk-adjusted net present value (rNPV), will be provided to reflect the inclusion of the older patient demographic. While ambitious, these projections come as the company faces current financial challenges, with InvestingPro analysis showing negative EBITDA of $34.24 million in the last twelve months. Get access to 7 more exclusive InvestingPro Tips to better understand TVGN’s financial health and growth potential.
The expansion is supported by Tevogen’s ExacTcell platform, which is the foundation for the company’s development of treatments for infectious diseases and cancer.
Tevogen’s announcement includes forward-looking statements regarding its research and manufacturing capabilities, growth expectations, and the potential benefits of its product candidates. These statements are based on current management expectations and are subject to risks and uncertainties that could cause actual results to differ materially.
Investors are cautioned that forward-looking statements involve risks and uncertainties, including the potential need for additional capital, changes in market conditions, and regulatory challenges. Tevogen’s plans are based on current market assumptions and are subject to change. The company’s current ratio of 0.35 indicates potential liquidity concerns, while its beta of -0.8 suggests the stock often moves contrary to broader market trends. Despite these challenges, analysts maintain a bullish outlook with a $10 price target, significantly above current trading levels.
This news report is based on a press release statement from Tevogen Bio Holdings Inc. and does not constitute an endorsement of the company or its products.
In other recent news, Tevogen Bio Holdings Inc. reaffirmed its revenue forecast, projecting significant earnings from its oncology pipeline with expectations to generate $1 billion in its launch year. The company also secured a $50 million deal with CD 8 Technology Services LLC for research and development, structured to avoid impacting shareholder equity. Analyst Jason Kolbert from D. Boral Capital provided a favorable outlook on Tevogen’s technology, highlighting its potential applications in solid tumors and autoimmune diseases. Additionally, Tevogen addressed shareholders about the benefits of Direct Registration System (DRS) accounts, emphasizing direct control over investments. The company revised its bylaws to enhance governance, particularly concerning director resignation processes after failing to secure majority votes. Tevogen reported that its executives and board members hold about 74% of the company’s shares, indicating strong insider confidence. Furthermore, David E. Banko was appointed as Global Head of Government Affairs and Patient Access, focusing on advancing patient access and market readiness for Tevogen’s therapies. These developments reflect Tevogen’s strategic initiatives and commitment to growth in the biotechnology sector.
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