Agenus Inc. (NASDAQ: AGEN), an immuno-oncology (I-O) company with a pipeline of immune modulating antibodies, cancer vaccines, adjuvants and adoptive cell therapies1, announced today, the upcoming launch of its Biotech Electronic Security Token (BEST), the first digital security offering in healthcare. Tokenization will enable qualified investors to directly invest in a single biotech product while preserving shareholder equity.
Each token to be issued will represent a portion of potential future US sales of AGEN2034, Agenus’ anti-PD-1 antibody, now in pivotal clinical trials, and is entitled to a defined return claimable through token-by-token redemption starting with the first US commercial sale of AGEN2034. Qualified investors will be eligible to purchase BEST securities under preferred terms in the initial stage of the Digital Security Offering. Investments into this unique financing mechanism of up to $100M will accelerate the development, commercialization, distribution, and indication expansion for anti-PD-1, AGEN2034.
Agenus 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 by pursuing combination approaches that leverage a broad repertoire of antibody therapeutics, proprietary cancer vaccine platforms, and adoptive cell therapies (through its AgenTus Therapeutics subsidiary). The Company is equipped with 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.
Biotech Electronic Security Tokens (BEST) are blockchain based securities that will be issued in accordance with Regulation D of the Securities Act of 1933, which will entitle the holder to a defined multiple of the original purchase price upon redemption, that may be claimed starting with the first US commercial sale of the underlying asset.
BEST holders will benefit from downside protection provisions including a capital recall feature allowing them to reclaim a substantial portion of the original purchase price at any time following initial investment while retaining a stake in the security’s upside that would result in a “make whole” outcome if the underlying project is successful.