Agenus to Launch $100M Security Token Offering

Agenus, an immuno-oncology company, announced on Jan 29 its plan to launch its Biotech Electronic Security Token (BEST), which the company claimed to be the first of its kind in healthcare, with a fundraising target up to $100 million.

According to Agenus, BEST is designed to be an innovative and transformative way to finance drug development through increasing liquidity, minimizing dilution, and improving capital allocation. The token also democratizes financing through targeted investments for specific therapeutic drug products.

The token to be issued is backed by the potential future US sales of AGEN2034, anti-PD-1 antibody of Agenus, 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.

Investments into BEST of up to $100M is believed to facilitate the development, commercialization, distribution, and indication expansion for anti-PD-1, AGEN2034.

Garo Armen, Chairman and CEO of Agenus believes that they open the doors for a transformative financing vehicle by the launch of BEST.

“We believe this unique structure will pave the way for allowing targeted investment by qualified investors in the development of therapeutic products. This instrument, powered by blockchain technology, enables us to revolutionize the financing of drug development,” he said.

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