LEXINGTON, Mass., July 28, 2020 /PRNewswire/ -- Agenus Inc.
(NASDAQ: AGEN), an immuno-oncology (I-O) company with an extensive
pipeline of agents designed to activate immune response to cancers,
today announced the closing of a $20
million equity investment, at $4.03 per share, by Betta Pharmaceuticals
(SZ300558) bringing the total received to $35M. Betta is a top Chinese pharmaceutical
company focusing on the development of innovative oncology
therapies. The equity investment by Betta Pharmaceuticals is
part of the broader immuno-oncology (I-O) partnership that Agenus
and Betta Pharmaceuticals announced last month.
Under the partnership Agenus is also eligible to receive up to
$100 million in potential milestones
plus royalties on net sales. In exchange Betta received
exclusive rights for the development and commercialization of
balstilimab and zalifrelimab, as both monotherapies and combination
therapies, excluding intravesical delivery, in greater China, including Mainland China, Hong Kong, Macau and Taiwan.
Agenus' balstilimab (anti-PD-1) is planned for a BLA filing this
year. Trials for balstilimab alone and in combination with
zalifrelimab (anti-CTLA-4) have already completed accrual and
follow up of all patients. The US FDA granted Fast Track
designation for balstilimab alone and in combination with
zalifrelimab in this indication and the molecules are eligible for
US FDA Priority Review.
About Agenus
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. For more information, please
visit www.agenusbio.com and our twitter handle
@agenus_bio. Information that may be important to investors will be
routinely posted on our website and twitter.
About Betta Pharmaceuticals
Betta Pharmaceuticals Co.,
Ltd. (SZ300558), established in 2003 in Hangzhou, China, is one of the leading Chinese
pharmaceutical companies dedicated to develop and commercialize
innovative oncology products to meet high unmet medical needs. With
over 1,300 employees in Hangzhou and Beijing,
Betta's development capabilities range from small-molecule
to biologics discovery, clinical development, manufacturing,
sales and marketing. Betta's leading product – icotinib
(Conmana®), the first innovative oncology product
developed and commercially launched by a Chinese pharmaceutical
company – is one of the top selling targeted
therapies treating non-small cell lung cancer patients
in China, having achieved 1.55 billion
RMB annual sales in 2019. Betta currently has two programs
under NDA review by the NMPA, two programs under late-stage
clinical development, eight programs under proof-of-concept
clinical development, and multiple small-molecule and
biologics programs under pre-clinical discovery. Throughout
the years, Betta has set up strategic partnerships with Amgen
Inc., Xcovery LLC., Beijing Mabworks Biotech Co., Ltd., Tyrogenex
Inc., InventisBio lnc., and Merus N.V.. For additional information,
please visit http://bettapharma.com/en.php
Agenus Forward-Looking Statements
This press release
contains forward-looking statements that are made pursuant to the
safe harbor provisions of the federal securities laws, including
statements regarding the anticipated benefits of the collaboration,
the receipt of potential milestones and royalties, as well as
timing for planned BLA filings. These forward-looking
statements are subject to risks and uncertainties that could cause
actual results to differ materially. These risks and uncertainties
include, among others, the factors described under the Risk Factors
section of our most recent Quarterly Report on Form 10-Q or Annual
Report on Form 10-K filed with the Securities and Exchange
Commission. Agenus cautions investors not to place considerable
reliance on the forward-looking statements contained in this
release. These statements speak only as of the date of this press
release, and Agenus undertakes no obligation to update or revise
the statements, other than to the extent required by law. All
forward-looking statements are expressly qualified in their
entirety by this cautionary statement.
Agenus Contact:
Jennifer
Buell, PhD
781-674-4420
Jennifer.Buell@agenusbio.com
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SOURCE Agenus Inc.