Tevogen Bio (NASDAQ:TVGN) stock is rocketing higher on Monday after announcing an agreement that secures it an additional $50 million in financing.

The clinical-stage specialty immunotherapy biotech company entered into a binding term sheet with one of its existing investors for these funds. The company will use this money to continue the development of its first product, TVGN 489.

The financing is split in two parts with the first being a $36 million line of credit. Tevogen Bio can draw $1 million per month for 36 months from this line of credit. Each draw will mature four years after being taken out.

The second is a $14 million private placement at a 30% discount. That will be based on a future 10-day volume-weighted average price after TVGN stock reaches $10 per share.

Tevogen Bio founder and CEO Dr. Ryan Saadi said the following about the new financing.

“We strongly believe Tevogen’s business model of efficient operations and innovative thinking allows us to meaningfully expand our R&D efforts and investments in Tevogen AI with the support of this additional financing. I’m pleased we are taking this significant step to help patients by providing affordable and accessible personalized T cell therapies for large patient populations.”

TVGN Stock Movement Today

News of the $50 million in financing has shares of TVGN stock seeing heavy trading on Monday. That has more than 5.8 million shares of the stock changing hands as of this writing. This is well above its daily average trading volume of about 586,000 shares as investors buy more units.

TVGN stock is up 54.4% as of Monday morning.

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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.