Blog Coverage Agenus Announced Restructuring of Business

Upcoming AWS Coverage on BeiGene Post-Earnings Results

LONDON, UK / ACCESSWIRE / March 31, 2017 / Active Wall St. blog coverage looks at the headline from Lexington based Agenus Inc. (NASDAQ: AGEN) as the Company announced on March 31, 2017, that it is reorganizing its business and operations to focus on clinical development of its two checkpoint inhibitor antibodies and vaccine program. Register with us now for your free membership and blog access at: http://www.activewallst.com/register/.

One of Agenus’ competitors within the Biotechnology space, BeiGene, Ltd. (NASDAQ: BGNE), reported on March 22, 2017, its business highlights and financial results for Q4 and full year of 2016. AWS will be initiating a research report on BeiGene in the coming days.

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The Company plans to close its Basel, Switzerland site and consolidate key functions to its Cambridge, UK and Lexington, MA facilities, and phase out approximately 50 positions across the organization, or approximately 20% of its employee strength, within the next six months. Additionally, Agenus announced that Robert Stein, M.D., Ph.D., President of R&D, will retire to become a senior R&D advisor exclusive to Agenus.

Agenus’ stated that through the realignment, the Company plans to accelerate development and commercialization of its product portfolio to drive shareholder value. Agenus stated that it would like to further extend the Company’s cash runway beyond the impact from the recently amended Incyte partnership, which strengthened the balance sheet by $80 million and reduced development expenses. Agenus noted that the restructuring will consolidate operations to improve R&D efficiencies and also ensure commercial readiness and manufacturing.

Focus on Key Programs

Agenus announced that its prioritized programs include combination therapies targeting CTLA-4 and PD-1. Additionally, Agenus will continue to drive its innovative immuno-oncology portfolio towards clinical development with two preclinical antibodies targeting 4-1BB and TIGIT, as well as AutoSynVax™, a clinical-stage neoantigen cancer vaccine. The Company is exploring combination studies with AutoSynVax and Agenus’ checkpoint antibodies. As part of the restructuring, some posts are planned to be phased out. In addition, the Company will transition or consolidate certain key management positions, with the objective of streamlining leadership and reducing costs.

“These changes to our organizational structure make us a leaner and more focused organization, which is critically important for our next phase of advancement towards commercial readiness. We will also maintain a focused R&D effort to rapidly generate and develop best of breed novel immuno-oncology candidates. It is important to indicate that as an agile and efficient company we aim to rapidly deliver effective treatments at affordable prices,” commented Dr. Armen, the Company’s Chairman.

Agenus announced that Dr. Robert Stein, who was instrumental in building R&D capability for Agenus and spearheaded the advancement of five programs from discovery to clinical stage in the last three years, will be retiring from his current role as President of R&D and will become a senior R&D advisor to Agenus. The current R&D leadership, which has been assembled under his tutelage, will continue to have access to Dr. Stein for strategic R&D guidance.

Stock Performance

At the close of trading session on Thursday, March 30, 2017, Agenus’ stock price dropped 2.04% to end the day at $3.84. A total volume of 1.40 million shares were exchanged during the session, which was above the 3-month average volume of 1.19 million shares. The stock currently has a market cap of $337.50 million.

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