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Agenus Prioritizes Resources to Accelerate Registration and Commercialization of BOT/BAL Program in Multiple Cancers
Strategic Prioritization to Deliver Savings of $40M Through End of 2023 LEXINGTON, Mass.--(BUSINESS WIRE)-- Agenus Inc. (“Agenus”) (Nasdaq: AGEN), a pioneer
About this update from Agenus Inc.
[{"type":"text","content":"\nStrategic Prioritization to Deliver Savings of $40M Through End of 2023\n\n\n LEXINGTON, Mass.--(BUSINESS WIRE)--\nAgenus Inc. (“Agenus”) (Nasdaq: AGEN), a pioneer in immuno-oncology, today announced a strategic initiative to prioritize and focus resources to accelerate the development, registration, and commercialization of its flagship program botensilimab/balstilimab (BOT/BAL). Under this new plan, Agenus will temporarily postpone all preclinical and clinical programs not related to BOT/BAL. The plan will result in a workforce reduction of approximately 25% and deliver approximately $40 million in savings by the end of 2023.\n\n\nThe plan will reduce operating expenses across Agenus' global organization by concentrating its quality, manufacturing, clinical, regulatory, and research & development resources on the BOT/BAL program and drive commercial readiness.\n\n\n\"Now is the pivotal moment to concentrate our efforts on the BOT/BAL program. The observed clinical benefit in solid tumors underscores the program’s game-changing potential, and our rapid progress towards a first filing in 2024 highlights the necessity for prioritization in every aspect of our operations,\" said Chairman and Chief Executive Officer, Garo Armen, Ph.D. \"By zeroing in on BOT/BAL, we expect to expedite regulatory approval and availability for healthcare providers and patients in need. Our decision to streamline operations reflects our commitment to the success of these programs while optimizing shareholder value.\"\n\n\n\"We deeply value the contributions of our employees and regret the necessity of these difficult decisions,\" Armen continued. \"We are thankful for their dedication and hard work, and we are committed to providing support to those affected during this transition.\"\n\n\nAgenus remains dedicated to its deep pipeline of immuno-oncology agents and plans to reactivate these programs in the future. Agenus’ partner-funded programs will not be affected by these measures.\n\n\nAbout Botensilimab\n\n\nBotensilimab, an investigational multifunctional CTLA-4 antibody, is designed to extend immunotherapy benefits to \"cold\" tumors, which have not historically responded to standard of care or other investigational therapies. Besides binding to the CTLA-4 receptor, its Fc-enhanced structure induces a memory immune response, downregulates regula...