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Agenus Milestone Triggers $7.5M Payment
LEXINGTON, Mass., Aug. 8, 2019 /PRNewswire/ -- Agenus Inc. (NASDAQ: AGEN), an immuno-oncology (I-O) company with a pipeline of immune checkpoint antibodies,
About this update from Agenus Inc.
[{"type":"text","content":"LEXINGTON, Mass., Aug. 8, 2019 /PRNewswire/ -- Agenus Inc. (NASDAQ: AGEN), an immuno-oncology (I-O) company with a pipeline of immune checkpoint antibodies, adoptive cell therapies1 and cancer vaccines, announced today that the FDA has accepted the company's IND filing for AGEN2373, a milestone in its partnership with Gilead Sciences, Inc. This milestone triggers a cash payment of $7.5M. Agenus is eligible to receive additional milestone payments this year and beyond.\n\n \n\"This IND clearance underscores our continued commitment to delivering novel and best-in-class therapies to patients with cancer with the utmost urgency,\" said Garo H. Armen, Ph.D., Chairman and CEO of Agenus. \"AGEN2373 has unique binding properties and is designed to mitigate the toxicity observed with competitor molecules; we believe that this molecule has great potential for patients with cancer.\"\nThe collaboration between the two companies was announced in December 2018. Under the terms of the agreement, Agenus received $150 million in upfront cash payment and equity investment and is eligible for approximately $1.7 billion in future fees and milestones. \nAGEN2373 is an investigational agent that has not been approved for any uses. Efficacy and safety have not been established.\nAbout Agenus\nAgenus is a clinical-stage immuno-oncology company focused on the discovery and development of therapies that engage the body's immune system to fight cancer. The Company's vision is to expand the patient populations benefiting from cancer immunotherapy with combination approaches that leverage a broad repertoire of antibody therapeutics, adoptive cell therapies (through its AgenTus Therapeutics subsidiary) and its proprietary cancer vaccine platforms. Agenus has a suite of antibody discovery platforms and a state-of-the-art GMP manufacturing facility with the capacity to support early phase clinical programs. Agenus is headquartered in Lexington, MA. For more information, please visit www.agenusbio.com and our twitter handle @agenus_bio. Information that may be important to investors will be routinely posted on our website and twitter.\nForward-Looking Statements\nThis press release contains forward-looking statements that are made pursuant to the safe harbor provisions of the federal securities laws, including statements regarding the potential benefits of AG...