Warren-based Tevogen Bio entered an agreement with CD8 Technology Services LLC, securing up to $50 million for its dedicated research and manufacturing facility intended to support both in-house pre-clinical research and GMP cell therapy production capabilities.
Tevogen Bio will provide the primary staff and operations for the facility, which is a key component of the company’s long-term strategy to accelerate development timelines, maintain operational agility, and control cost.
Dr. Ryan Saadi, Tevogen Bio’s founder and CEO said the agreement will allow the company to overcome significant capital barriers of entry that are typically faced in building GMP capabilities at scale.
The agreement has an initial term of 12 months and will automatically renew and aligns with the previously announced topline forecasts.
“This milestone represents a significant step forward in Tevogen Bio’s infrastructure expansion to support the advancement of its pipeline of off-the-shelf, genetically unmodified CD8+ T cell therapeutics,” Saadi said. “In addition, as we continue executing our mission to help patients, we’re also exploring additional ways to recognize our real, long-term shareholders.”
The company reaffirmed its revenue forecast of $1 billion for its oncology pipeline in its launch year and a cumulative estimate of $10 billion to $14 billion over five years. This projection is based on Tevogen’s innovative drug development model aimed at enhancing patient access and ensuring sustainable medical innovation.
CD8 is associated with Dr. Manmohan Patel, who beneficially owns more than 5% of the Company’s common stock. Specific details of the facility and related services, including scope of work, costs, and timelines, will be set out in one or more future work orders.
“In-house manufacturing is critical to our operational efficiency, and with 74% insider ownership, we place the highest value on business discipline,” Saadi added.
