Warren-based Tevogen Bio announced it may receive up to $10 million of non-dilutive grant funding.
On Tuesday Tevogen announced it signed a grant agreement with KRHP, receiving an initial contribution of $2M, with the intention of having an additional $8 million contributed at a future date, contingent on KRHP’s review of the company’s activities.
The grant is intended to further Tevogen Bio’s mission to develop T cell therapeutics addressing the significant unmet needs of large patient populations for treatment of cancers and viral infections.
KRHP is affiliated with an existing Tevogen investor.
Tevogen plans to deploy the funds in part to further expand efforts in AI and is currently working with Microsoft to broaden its AI-focused collaboration. Earlier this month Tevogen hosted two panels during the JPMorgan Healthcare Conference, including one titled AI in Biopharma: Next Frontier of Medical Innovation. At that panel, Dr. David Rhew, Global Chief Medical Officer of Microsoft and Mittul Mehta, Head of Tevogen.AI discussed the possibility of AI-driven technologies revolutionizing drug discovery, accelerating development timelines, enhancing patient accessibility, fostering quicker innovation, and significantly reducing operating costs.
“As we expand our AI efforts, this broader relationship with Microsoft represents a key milestone in our ongoing journey to revolutionize immunotherapy,” Mittul Mehta, CIO of Tevogen Bio and head of Tevogen.AI, said. “Through deeper collaboration with Microsoft domain experts, we will further harness the power of AI to bring more precise and personalized treatments to patients at an accelerated pace.”
