Tevogen Bio (TVGN) said Thursday it has agreed with CD 8 Technology Services to develop or acquire a facility for pre-clinical research and cell therapy production. Financial details were not disclosed.
The new facility will support both research and GMP cell therapy manufacturing, with Tevogen Bio providing the main staff and operations, the company said.
CD8 is associated with Manmohan Patel, who beneficially owns more than 5% of the company's common stock.
Tevogen Bio expects the agreement to help it avoid high upfront costs usually needed to build GMP facilities at scale, it added.
The agreement will last for 12 months at first and will automatically renew, matching the company's earlier financial forecasts, according to the company.
Shares of the company were down about 4.9% in recent trading.
Price: 0.97, Change: -0.05, Percent Change: -4.80
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