Full Press Release Details
Announces Lead Product Candidate Selection in its Collaboration with
First Milestone Payment of $2 Million
LEXINGTON, Mass.--(BUSINESS WIRE)--June 9, 2016--Agenus Inc. (NASDAQ:
AGEN), an immuno-oncology company developing antibodies including
checkpoint inhibitors and other checkpoint modulators (CPMs) and cancer
vaccines, today announced the selection of a lead product candidate
under its license and research collaboration with Merck. Merck, known as
MSD outside the United States and Canada, has selected a lead antibody
candidate and several backup antibodies, discovered by Agenus, to an
undisclosed Merck checkpoint target. Based on this milestone and under
the terms of the agreement, Agenus received a $2 million milestone
As previously announced, Merck will be responsible for all future
product development expenses for the selected antibody candidate and
Agenus is eligible to receive up to $100 million in milestone payments,
as well as royalties on worldwide product sales.
"We are pleased that in collaboration with Merck scientists, our
research team has successfully identified antibody candidates to advance
into preclinical studies," said Garo H. Armen, Ph.D., Chairman and CEO
of Agenus. "This is an important validation of our discovery platform
and expertise and adds to our successes in discovering antibodies for a
broad range of targets, including challenging ones."
"Our integrated monoclonal antibody discovery platforms have
successfully identified unique antibodies for a wide range of
therapeutic targets," said Robert B. Stein, M.D., Ph.D., Agenus'
President, Research & Development. "This discovery engine provides
Agenus the opportunity to bring innovative single-agent and combination
immuno-oncology therapies to patients whose cancers are not adequately
treated with current approaches."
Agenus is an immuno-oncology company focused on the discovery and
development of revolutionary new treatments that engage the body's
immune system to benefit patients suffering from cancer. By combining
multiple powerful platforms, Agenus has established a highly integrated
approach for the discovery, development and manufacture of monoclonal
antibodies that modulate targets of interest. In addition, the Company's
cancer vaccine program includes three proprietary platforms focused on
individualized and off-the-shelf vaccines uniquely designed for each
patient. Agenus' broad portfolio of novel checkpoint and other
immuno-modulatory monoclonal antibodies, vaccines and adjuvants, work in
combination to provide the opportunity to create best-in-class
therapeutic regimens. The Company has formed collaborations with Merck
and Incyte to discover and develop multiple checkpoint antibodies. For
more information, please visit www.agenusbio.com; information
that may be important to investors will be routinely posted on our
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 development and clinical trial plans for
both Agenus and Merck and potential milestone and royalty payments.
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.
Michelle Linn, 781-674-4541
Brad Miles, 646-513-3125