Agenus Raises $85M in Private Placement, Warrants Could Add $255M More
AGEN sits 46% above its 52-week low of $2.71.
Summary
Agenus priced an $85 million private placement at $3.69 per unit, a 6.6% discount to the last close of $3.95. The deal includes Series A and B warrants that could bring in an additional $255 million if fully exercised, bringing the total potential proceeds to $340 million. Proceeds are earmarked for the Phase 3 neoadjuvant BOT+BAL program in MSS colon cancer. The company granted registration rights, committing to file a resale statement within 45 days and seek effectiveness within 90 days. The financing follows a strong Q1 that extended the cash runway and the closure of an SEC investigation.
At the time of this announcement, AGEN was trading at $3.95 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $139.5M. The 52-week trading range was $2.71 to $7.34. This news item was assessed with neutral market sentiment and an importance score of 8 out of 10. Source: Wiseek News.