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LOS ANGELES, Sept. 09, 2024 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Agenus Inc. ("Agenus" or the "Company") (NASDAQ: AGEN) investors of a class action representing investors that bought securities between January 23, 2023 and July 17, 2024, inclusive (the "Class Period"). Agenus investors have until November 5, 2024 to file a lead plaintiff motion.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
Case Allegations: Agenus is a biotechnology company that focuses on developing immuno-oncology treatments. The class action lawsuit against Agenus claims that the company is working on two main products: balstilimab, an anti-PD-1 treatment that has completed a Phase 2 trial for second-line cervical cancer; and botensilimab (AGEN1181), a CTLA-4 blocking antibody currently in Phase 2 trials for pancreatic cancer and melanoma.
The lawsuit alleges that during the Class Period, Agenus made false or misleading statements and failed to disclose that: (i) the combination of botensilimab and balstilimab was less effective than claimed; and (ii) the clinical results and the potential for regulatory and commercial success of these treatments were overstated.
Additionally, the lawsuit states that on July 18, 2024, Agenus revealed the outcome of a meeting with the U.S. Food and Drug Administration (FDA) about advancing their immunotherapy combination (botensilimab and balstilimab) for treating a specific type of colorectal cancer. The FDA advised against using these results to seek Accelerated Approval, stating that the observed response rates might not lead to improved survival. Following this announcement, Agenus’ stock price dropped nearly 59%, as stated in the complaint.
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