Agenus Reports Second Quarter 2016 Financial Results and Operational Progress Company to host conference call at 11:00 a.m. ET today LEXINGTON, Mass.--(BUSINESS WIRE)

Reports Second Quarter 2016 Financial Results and Operational Progress

to host conference call at 11:00 a.m. ET today

LEXINGTON, Mass.--(BUSINESS WIRE)--July 28, 2016--Agenus Inc. (NASDAQ:

AGEN), an immuno-oncology (I-O) company developing antibodies, including

checkpoint inhibitors and other checkpoint modulators, and cancer

vaccines, today provided a corporate update and reported financial

results for the second quarter ended June 30, 2016.

"In the second quarter, we made important advances in the clinic, saw

external validation of our immuno-oncology agents and strategy and

further integrated our capabilities to improve speed, cost and quality

of product development efforts," said Garo H. Armen, Ph.D., Chairman and

CEO of Agenus. "We also strengthened our management team with the

addition of a new Board member, Ulf Wiinberg, and Global Head of

Clinical Development, Dr. Jean-Marie Cuillerot."

Second Quarter 2016 and Recent Corporate Highlights

July: Completed enrollment of the first cohort of patients in the

Phase 1 study of AGEN1884, an anti-CTLA-4 antibody, which was launched

earlier in 2016. Agenus plans to initiate clinical studies for

a second anti-CTLA-4 antibody, AGEN2041, in 2017 and start combination

trials with AGEN1884 in the first half of 2017.

July: Appointed Jean-Marie Cuillerot, M.D. as Vice President and

Global Head of Clinical Development, bringing extensive

immuno-oncology clinical development expertise to the Company's I-O

portfolio. In Dr. Cuillerot's previous role at a Merck Serono

affiliate, he advanced the PD-L1 antibody avelumab from pre-IND to

regulatory filing and delivered the dataset leading to the $880

million co-development deal with Pfizer. At Bristol-Myers Squibb, he

developed clinical strategies for the anti-CTLA-4 antibody ipilimumab

as a treatment for lung cancer, castrate resistant prostate cancer,

ovarian cancer, gastric cancer and glioblastoma, and supported the

filing activities of ipilimumab for first-line treatment of melanoma.

June: Initiated Phase 1/2 clinical trial of anti-GITR

checkpoint antibody INCAGN1876 in solid tumors in

collaboration with Incyte. INCAGN1876 is the second product candidate

from the Company's antibody program to advance into clinical trials

June: Merck selected a lead product candidate to advance

into preclinical studies under our research collaboration, leading

to receipt of a $2 million milestone payment. The achievement

further validates Agenus' discovery platform, which is capable of

identifying unique antibodies for a broad range of therapeutic

targets. Under the terms of the agreement, Merck will be responsible

for all future product development expenses for the selected antibody

candidate targeting an undisclosed Merck checkpoint target. Agenus is

eligible to receive up to $100 million in milestone payments, in

addition to royalties on worldwide product sales.

May: Appointed Ulf Wiinberg to the Company's Board of

Directors. Ulf brings over 30 years of experience in the

pharmaceutical industry with senior leadership roles at multiple

global drug development companies. Most recently, he served as Chief

Executive Officer of H. Lundbeck A/S, and previously held multiple

executive roles at Wyeth, one of the world's largest research-driven

pharmaceutical companies. Currently, he serves on the boards of

multiple drug companies including Avillion, Hansa Medical, Nestle

Health Sciences and UCB SA.

Second Quarter 2016 Financial Results

For the second quarter ended June 30, 2016, Agenus reported a net loss

attributable to common stockholders of $28.4 million which includes $7.6

million of non-cash expenses. This compares to a net loss attributable

to common stockholders for the second quarter of 2015 of $40.5 million

which included $17.3 million of non-cash expenses. Net loss was $0.33

per share, and $0.53 per share, basic and diluted, for the three months

ended June 30, 2016 and 2015, respectively. The decrease in net loss

attributable to common stockholders for the three months ended June 30,

2016, compared to the net loss attributable to common stockholders for

the same period in 2015, was primarily due to the $13.2 million charge

for the purchase of the SECANT yeast display platform in 2015 and the

non-cash expense from fair value adjustments of the contingent

obligations partially offset by the advancement of the checkpoint

For the six months ended June 30, 2016, the company reported a net loss

attributable to common stockholders of $60.2 million, which includes

$17.2 million in non-cash expenses, compared with a net loss

attributable to common stockholders of $59.3 million, which included

$26.5 million in non-cash expenses, for the six months ended June 30,

2015. Net loss was $0.69 per share and $0.83 per share, basic and

diluted for the six months ended June 30, 2016 and 2015, respectively.

Cash, cash equivalents and short-term investments were $123.3 million as

Conference Call, Webcast and Prepared Statement Information

Agenus executives will host a conference call at 11:00 a.m. ET today. To

access the live call, dial 1-888-799-5016 (U.S.) or 1-704-908-0465

(international) and refer to conference ID number 50188771. The call

will also be webcast and will be accessible from the Company's website

at www.agenusbio.com/webcast. A replay will be available on the

Company's website approximately two hours after the call and will remain

available for 60 days.

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