WARREN, N.J. - Tevogen Bio Holdings Inc. (NASDAQ:TVGN), a biotech company specializing in immunotherapy treatments, announced today that its COVID-19 therapy, TVGN 489, has retained efficacy against the latest SARS-CoV-2 variants. According to the company's analysis, the therapy's Cytotoxic CD8+ T lymphocytes (CTLs) are active against over 95% of the FLiRT strain, including the currently dominant KP.2 variant in the United States.
The FLiRT variants, which are descendants of the earlier JN.1 strain, have undergone significant mutations, particularly in the spike protein. Despite these changes, TVGN 489's CTLs, which target a broad spectrum of viral proteins, have maintained their ability to recognize and respond to the virus. This breadth of target recognition is seen as a key factor in the treatment's sustained effectiveness.
Earlier in January 2023, Tevogen released positive results from a phase I study where high-risk patients with various COVID-19 variants, including delta and omicron subvariants, were treated with TVGN 489. The study reported no significant treatment-related adverse events and showed a substantial reduction in viral load in patients' nasal swabs within two weeks of treatment.
Dr. Dolores Grosso, Global Clinical Development Lead at Tevogen, stated that the findings from the phase I study will be further evaluated in upcoming trials. The company aims to continue monitoring the therapy's target preservation against emerging SARS-CoV-2 variants.
Tevogen's CEO, Dr. Ryan Saadi, expressed optimism about TVGN 489's potential to address the mortality and morbidity associated with Long COVID, a condition that currently lacks effective treatments despite significant research funding.
TVGN 489 is produced using Tevogen's proprietary ExacTcell platform, which targets a wide array of peptides from the viral genome, thus mitigating the impact of mutations that may occur in a single target. This approach contrasts with monoclonal antibody therapies that have seen a more rapid loss of efficacy due to target mutations.
The company highlighted that TVGN 489's continued efficacy through nearly five years of viral evolution demonstrates the potential of its platform to create therapies that do not require frequent reformulation.
Tevogen Bio, focused on developing T cell therapies for infectious diseases, cancers, and neurological disorders, believes in ensuring patient accessibility to its treatments through advanced science and innovative business models. The company holds wholly owned intellectual property assets, including granted and pending patents.
In other recent news, Tevogen Bio Holdings Inc. announced the appointment of William Keane as Vice President of Strategic Initiatives. Keane, a former Chief of Police in Warren, New Jersey, brings 35 years of law enforcement leadership to the role. His responsibilities will include aligning company policies with regulatory standards and assisting in the acquisition of laboratory space to advance operational objectives.
Keane's background, including a stint at the FBI National Academy and a leadership seminar at Princeton University, is anticipated to influence Tevogen's strategic business decisions. The company, specializing in the development of T cell therapies, has reported positive safety data from a proof-of-concept clinical trial and owns a portfolio of intellectual property. This includes three granted patents and twelve pending, two of which are related to artificial intelligence. The information about Keane's appointment and his expected role in the company are recent developments.
InvestingPro Insights
As Tevogen Bio Holdings Inc. (NASDAQ:TVGN) continues to make strides in immunotherapy, particularly with its promising COVID-19 therapy, TVGN 489, investors are closely monitoring the company's financial health and stock performance. Here are key insights based on real-time data from InvestingPro and InvestingPro Tips:
InvestingPro Data highlights a challenging financial landscape for Tevogen Bio, with a market cap of $129.04 million USD and significant negative metrics, including a P/E ratio of -1.19 and an adjusted P/E ratio for the last twelve months as of Q1 2024 at -3.48. Moreover, the company's EBITDA for the same period showed a sharp decline, with a growth rate of -184.34 %.
The InvestingPro Tips indicate that the stock is currently in oversold territory according to the RSI, which could suggest a potential rebound or at least a pause in the recent downtrend. Additionally, the company's stock has experienced a significant decline over the last three months, with a price total return of -89.86 %, reflecting investor concerns and market reactions.
These financial metrics and stock performance indicators are essential for investors to consider, especially those interested in the biotech sector and companies like Tevogen that are at the forefront of developing treatments for COVID-19 and other diseases. For those looking to delve deeper into Tevogen Bio's financials and stock analysis, InvestingPro offers additional tips that could provide further insights into the company's prospects.
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