William Keane Appointed Interim Head of Initiative, Evaluating Potential Management Services Organization and Contract Research Organization Acquisitions

William Keane

WARREN, N.J., June 09, 2026 (GLOBE NEWSWIRE) -- Tevogen ("Tevogen Bio Holdings Inc." or "Company") (NASDAQ:TVGN) today announced the formation of its healthcare services initiative, a strategic business area intended to support the Company's evolution into a broader, revenue-generating healthcare enterprise.

The initiative will be led on an interim basis by William Keane, Tevogen's Vice President of Strategic Initiatives. The healthcare services initiative may include, if consummated, the Company's currently evaluated acquisition opportunities involving a Management Services Organization ("MSO") and a Contract Research Organization ("CRO"). These potential acquisitions could help pave the Company's path toward approximately $100 million in combined annual revenue, while advancing Tevogen's mission to improve affordability and access across healthcare.

"Tevogen's evaluation of potential MSO and CRO acquisitions reflects a disciplined approach to building revenue-generating capabilities that may support long-term financial self-sufficiency," said Kirti Desai, Chief Financial Officer at Tevogen. "With approximately $100 million in potential combined annual revenue under evaluation, we believe these opportunities could represent an important step toward strengthening the Company's financial foundation while remaining aligned with our mission to make healthcare more affordable and accessible."

The healthcare services initiative is intended to complement the Company's existing biotechnology and artificial intelligence initiatives by expanding its potential healthcare infrastructure capabilities and supporting future growth opportunities. The Company emphasized that any acquisition-related decisions will continue to be guided by strategic fit, long-term value creation, and disciplined stewardship of Tevogen's capital structure.

About Tevogen

Tevogen is a socially integrated healthcare enterprise built on the principles of affordability, efficiency, and scientific rigor. The company leverages artificial intelligence and precision T cell therapy platforms, a patient-first and cost-disciplined operating model, and engagements with global technology leaders to support the development of advanced, life-saving therapies across multiple therapeutic areas and scalable solutions for the broader healthcare system.

Tevogen Bio, the company's lead initiative, has completed a proof-of-concept clinical trial demonstrating the potential of its single-HLA-restricted, genetically unmodified allogeneic T cells. Tevogen Bio's pipeline spans virology, oncology, and neurology, with programs built on the company's proprietary ExacTcell™ platform.

Tevogen.AI is designed to transform drug development by accelerating target detection, helping reduce failure rates, and supporting optimized clinical trial design through proprietary predictive technologies. The platform utilizes cloud and data services from leading technology providers, including Microsoft and Databricks, to advance its long-term ambition to predict the proteome for any given protein–HLA combination, enabling rapid and cost-efficient therapeutic discovery.

Tevogen is exploring future strategic initiatives that may include domestic generics, biosimilars, medical devices, and innovative insurance solutions for healthcare providers. Together, these programs reflect Tevogen's mission to advance sustainable innovation and broaden patient access through a faster, more efficient, and more equitable healthcare model.

Forward Looking Statements

This press release contains certain forward-looking statements, including without limitation statements relating to: the potential transaction and the potential benefits of the transaction; Tevogen's plans for its research and manufacturing capabilities; expectations regarding future growth; expectations regarding the healthcare and biopharmaceutical industries; and Tevogen's development of, the potential benefits of, and patient access to its product candidates for the treatment of infectious diseases and cancer. Forward-looking statements can sometimes be identified by words such as "may," "could," "would," "expect," "anticipate," "possible," "potential," "goal," "opportunity," "project," "believe," "future," and similar words and expressions or their opposites. These statements are based on management's expectations, assumptions, estimates, projections and beliefs as of the date of this press release and are subject to a number of factors that involve known and unknown risks, delays, uncertainties and other factors not under the company's control that may cause actual results, performance or achievements of the company to be materially different from the results, performance or other expectations expressed or implied by these forward-looking statements.

Factors that could cause actual results, performance, or achievements to differ from those expressed or implied by forward-looking statements include, but are not limited to: risks inherent in diligence and negotiation of the proposed transaction; the risk that the transaction may not be consummated on favorable terms or at all; the risk that the expected benefits of the transaction may not be realized on a timely basis or at all; changes in the markets in which Tevogen competes, including with respect to its competitive landscape, technology evolution, or regulatory changes; changes in domestic and global general economic conditions; the risk that Tevogen may not be able to execute its growth strategies or may experience difficulties in managing its growth and expanding operations; the risk that Tevogen may not be able to develop and maintain effective internal controls; the failure to achieve Tevogen's commercialization and development plans and identify and realize additional opportunities, which may be affected by, among other things, competition, the ability of Tevogen to grow and manage growth economically and hire and retain key employees; the risk that Tevogen may fail to keep pace with rapid technological developments to provide new and innovative products and services or make substantial investments in unsuccessful new products and services; that Tevogen will need to raise additional capital to fully realize its business plans; risks related to the ability to develop, license or acquire new therapeutics; the risk of regulatory lawsuits or proceedings relating to Tevogen's business; uncertainties inherent in the execution, cost, and completion of preclinical studies and clinical trials; risks related to regulatory review, approval and commercial development; risks associated with intellectual property protection; Tevogen's limited operating history; and those factors discussed or incorporated by reference in Tevogen's most recent Annual Report on Form 10-K and subsequent filings with the SEC.

You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Tevogen undertakes no obligation to update any forward-looking statements, except as required by applicable law.

Contacts

Tevogen Bio Communications

T: 1 877 TEVOGEN, Ext 701

Communications@Tevogen.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4cba473a-70a7-4800-ba7b-0a71a5351ba3

Tevogen Announces Formation of a Healthcare Services Initiative