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Agenus Inc. reported first quarter 2024 results, including a $100M royalty financing agreement with Ligand, supporting BOT/BAL development. Reestablished market compliance with Nasdaq. Positive clinical results in colorectal cancer studies. Reduced cash burn rate with a reverse stock split. Financially, revenue was $28M, net loss $63.5M. BOT/BAL showed encouraging results in MSS CRC and neoadjuvant CRC. Agenus aims to engage with the FDA for BLA submission. Plan to release updated data in melanoma, lung cancer, sarcoma, and pancreatic cancer. Focus on commercial launch readiness activities.
Ligand Pharmaceuticals and Agenus have entered into a $100 million royalty financing agreement to support Agenus' key development initiatives in the BOT/BAL clinical development program. Ligand will pay $75 million initially and can invest an additional $25 million. They will receive royalties and milestone payments on six Agenus-partnered programs and future global net sales generated by BOT/BAL. Agenus can syndicate up to $125 million, with potential total capital infusion of $200 million. The partnership aims to advance transformative cancer treatments, including the BOT/BAL regimen.
Agenus Inc. has regained compliance with the minimum bid price requirement of $1.00 set by NASDAQ, ensuring continued listing on the NASDAQ Capital Market. The company focuses on immunology-based therapies for cancer, offering a robust pipeline of immunological agents. Agenus aims to enhance patient populations benefiting from cancer immunotherapy through combination approaches utilizing various antibody therapeutics, adoptive cell therapies, and adjuvants. Headquartered in Lexington, MA, Agenus is committed to advancing treatments for cancer and infectious diseases.
