) completed a direct registered offering of 3.33 million shares
of its common stock. The company raised approximately $10 million
by offering the shares at $3 per share. The shares were issued
along with warrants carrying an option to purchase an additional
1 million shares of common stock at a price of $3.75 per share.
Warrants can be exercised within 6 months from the date of
issuance and carry an expiry period of 5 years from the date of
Agenus intends to use the funds for the development of its
pipeline, acquiring new technologies and general corporate
Agenus is dedicated to develop technologies and products for
the treatment of cancers and infectious diseases. The company's
core technologies include the Saponin Platform and the Heat Shock
Protein (HSP) Platform. Agenus' key candidates, which are based
on these technologies, include QS-21 Stimulon, HerpV, and the
Prophage Series vaccines.
We note that the company is actively advancing its pipeline.
In Sep 2013, Agenus announced positive results from a phase II
study on HSPPC-96 in combination with the current standard of
care in newly diagnosed glioblastomamultiforme (GBM)
Results from the study revealed that patients treated with the
combination therapy showed a significant increase in progression
free survival (PFS) in comparison to patients treated with
current standard of care alone. Moreover, the median overall
survival (OS) rate, the primary objective of the study, was 23.3
months in patients treated with the HSPPC-96 combination in
comparison to 14.6 months in patients under the current standard
of care alone.
Following the positive results, Agenus plans to hold an end of
phase II meeting with the U.S. Food and Drug Administration to
discuss the initiation of a phase III study on the HSPPC-96
vaccine in patients with newly diagnosed GBM.
Agenus carries a Zacks Rank #3 (Hold). Companies that
currently look well-positioned include
) with a Zacks Rank #1 (Strong Buy), and
Jazz Pharmaceuticals Public Limited Company
) with a Zacks Rank #2 (Buy).
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