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Investing.com -- Tevogen Bio Holdings Inc (NASDAQ:TVGN) stock rose 4.1% following the company’s announcement that it expects to receive $1 million in grant funding to advance its artificial intelligence-powered drug discovery platform, Tevogen.AI.
The funding will come from KRHP LLC, an entity affiliated with an existing Tevogen investor, as part of a previously announced grant agreement. Under this agreement, Tevogen received $2 million in January 2025 and may receive up to an additional $8 million, for a total of $10 million in non-dilutive funding.
Tevogen plans to use the expected $1 million allocation to accelerate Tevogen.AI’s capabilities in target discovery, shorten development timelines, and improve treatment accessibility for large patient populations.
"Tevogen.AI, our AI initiative, stands at the intersection of innovation and equity," said Dr. Ryan Saadi, Chairman and CEO of Tevogen. "This grant is an endorsement of its potential role in accelerating drug development, bringing down costs, speeding up timelines, and expanding access to precision cell therapies for those who need them most."
The company emphasized its continued focus on operating efficiency and strategic deployment of funds to maximize shareholder value and patient impact. This non-dilutive funding approach allows Tevogen to advance its AI platform without issuing additional shares that would dilute existing stockholders.
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