The financing consists of $85 million in upfront gross proceeds, with an additional $255 million contingent on the full exercise of purchase warrants. Investors responded positively to the news, pushing Agenus shares up 16% to $3.87 in premarket trading. The transaction, led by Commodore Capital with participation from firms including RA Capital Management and Ligand Pharmaceuticals, is expected to close around Wednesday.
With this capital, the company intends to launch the Robbin trial, a registrational phase 3 study focusing on botensilimab and balstilimab for the neoadjuvant treatment of microsatellite-stable colon cancer. To concentrate resources on this effort, Agenus will discontinue financial support for its ongoing Battman Phase 3 study, which targets late-line metastatic colorectal cancer. The company structured the deal at a premium to Friday’s closing price, signaling confidence in its reoriented pipeline.
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