Agenus Prioritizes Resources to Accelerate Registration and Commercialization of BOT/BAL Program in Multiple Cancers
August 23 2023 - 8:00AM
Business Wire
Strategic Prioritization to Deliver Savings of
$40M Through End of 2023
Agenus Inc. (“Agenus”) (Nasdaq: AGEN), a pioneer in
immuno-oncology, today announced a strategic initiative to
prioritize and focus resources to accelerate the development,
registration, and commercialization of its flagship program
botensilimab/balstilimab (BOT/BAL). Under this new plan, Agenus
will temporarily postpone all preclinical and clinical programs not
related to BOT/BAL. The plan will result in a workforce reduction
of approximately 25% and deliver approximately $40 million in
savings by the end of 2023.
The plan will reduce operating expenses across Agenus' global
organization by concentrating its quality, manufacturing, clinical,
regulatory, and research & development resources on the BOT/BAL
program and drive commercial readiness.
"Now is the pivotal moment to concentrate our efforts on the
BOT/BAL program. The observed clinical benefit in solid tumors
underscores the program’s game-changing potential, and our rapid
progress towards a first filing in 2024 highlights the necessity
for prioritization in every aspect of our operations," said
Chairman and Chief Executive Officer, Garo Armen, Ph.D. "By zeroing
in on BOT/BAL, we expect to expedite regulatory approval and
availability for healthcare providers and patients in need. Our
decision to streamline operations reflects our commitment to the
success of these programs while optimizing shareholder value."
"We deeply value the contributions of our employees and regret
the necessity of these difficult decisions," Armen continued. "We
are thankful for their dedication and hard work, and we are
committed to providing support to those affected during this
transition."
Agenus remains dedicated to its deep pipeline of immuno-oncology
agents and plans to reactivate these programs in the future.
Agenus’ partner-funded programs will not be affected by these
measures.
About Botensilimab
Botensilimab, an investigational multifunctional CTLA-4
antibody, is designed to extend immunotherapy benefits to "cold"
tumors, which have not historically responded to standard of care
or other investigational therapies. Besides binding to the CTLA-4
receptor, its Fc-enhanced structure induces a memory immune
response, downregulates regulatory T cells, and activates T cells,
thereby enhancing immune responses. Approximately 600 patients have
been treated with botensilimab in phase 1 and phase 2 clinical
trials. Botensilimab alone, or in combination with Agenus’ PD-1
antibody, balstilimab, has shown clinical responses across nine
metastatic, late-line cancers. For more information about
botensilimab trials, visit www.clinicaltrials.gov with the
identifiers NCT03860272, NCT05608044, NCT05630183, and
NCT05529316.
About Agenus
Agenus is a leading immuno-oncology company targeting cancer and
infectious diseases with a comprehensive pipeline of immunological
agents. The company’s mission is to expand patient populations
benefiting from cancer immunotherapy through combination
approaches, using a broad repertoire of antibody therapeutics,
adoptive cell therapies (through MiNK Therapeutics) and adjuvants
(through SaponiQx). Agenus is headquartered in Lexington, MA. For
more information, visit www.agenusbio.com or follow us on LinkedIn
and Twitter @agenus_bio.
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 relating to the anticipated
savings as a result of the strategic initiative, the timing of
potential regulatory applications, approval and commercialization
for BOT/BAL, the continued development of Agenus’ partnered
programs, the reactivation of certain pipeline programs, use of
botensilimab and balstilimab, for instance, statements regarding
therapeutic benefit and efficacy, mechanism of action (including
validation of mechanism of action), potency, durability, and safety
profile (including the absence of specific toxicities); and any
other statements containing the words "may," "believes," "expects,"
"anticipates," "hopes," "intends," "plans," "forecasts,"
"estimates," "will," “establish,” “potential,” “superiority,” “best
in class,” and similar expressions are intended to identify
forward-looking statements. 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20230823173690/en/
Investors Zack Armen Head of
Investor Relations 917-362-1370 zack.armen@agenusbio.com
Media 781-674-4784
communications@agenusbio.com
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