LEXINGTON, Mass. - Agenus Inc . (NASDAQ:AGEN), an immuno-oncology company, announced the appointment of Dr. Jennifer Buell to its Board of Directors, effective June 11, 2024. Dr. Buell, who is also the President and CEO of MiNK Therapeutics, will continue in her role while taking on her new responsibilities at Agenus.
Dr. Buell's extensive experience in the biopharmaceutical industry spans over 27 years, with a focus on research and development, clinical operations, and commercial strategy. Her previous role as President and COO at Agenus was marked by significant contributions to the company’s transformation into a global, fully integrated biotech leader with a diverse immuno-oncology portfolio.
Dr. Garo Armen, Chairman and CEO of Agenus, expressed confidence in Dr. Buell's strategic vision and operational expertise, which have been instrumental in the company's growth. He anticipates her expanded role on the board will further influence Agenus's trajectory.
In her career, Dr. Buell has held significant positions at Bristol-Myers Squibb (NYSE:BMY) and the Harvard Clinical Research Institute, contributing to the development and strategy of various clinical programs. She holds a Ph.D. in Cellular, Biochemical, and Molecular Biochemistry and an M.S. in Biostatistics from Tufts University.
Her immediate focus will be guiding the company's BOT/BAL program towards a Biologics License Application, while also exploring new avenues for cancer therapy delivery. Dr. Buell emphasized her commitment to Agenus's innovation and growth, aiming to transform cancer treatment landscapes and deliver therapies that offer hope to patients.
Agenus is known for its broad pipeline of antibody therapeutics, adoptive cell therapies, and adjuvants targeting cancer and infectious diseases. Headquartered in Lexington, MA, the company has established a reputation for its combination approaches to expand patient populations that benefit from cancer immunotherapy.
In other recent news, Agenus Inc. has made significant strides in its cancer therapy development and financial standing. The immuno-oncology company has scheduled a key meeting with the U.S. Food and Drug Administration (FDA) to discuss the development of its combination cancer therapy, botensilimab and balstilimab (BOT/BAL). The therapy, which has previously been granted a fast track designation by the FDA, has shown potential in treating metastatic microsatellite stable colorectal cancer.
In addition to its clinical advancements, Agenus has secured a $100 million financing deal with Ligand Pharmaceuticals, a move aimed at supporting the BOT/BAL program and commercialization efforts. The deal could potentially increase to $200 million, providing a substantial boost to Agenus's financial resources.
On the financial front, Agenus reported a cash balance of $52.9 million at the end of the first quarter of 2024. The company also recognized Q1 revenue of $28 million but reported a net loss of $63.5 million.
These are recent developments for Agenus, which is also preparing to file a biologics license application by the end of the year and initiate a Phase 3 trial in 2024. The company is set to present Phase 2 data for various cancers later in the year, marking another key milestone in its ongoing efforts to advance cancer therapy.
InvestingPro Insights
As Agenus Inc. (NASDAQ:AGEN) welcomes Dr. Jennifer Buell to its Board of Directors, the company's financial health and stock performance remain key considerations for investors. According to real-time data from InvestingPro, Agenus boasts a market capitalization of $324.65 million, reflecting the market's current valuation of the company. The company has experienced significant revenue growth over the last twelve months as of Q1 2024, with an impressive increase of 69.94%, signaling potential in its operational expansion.
However, InvestingPro Tips highlight some challenges facing Agenus. Analysts have noted the company's rapid cash burn and weak gross profit margins, with a gross profit margin of -37.72% over the last twelve months as of Q1 2024. Additionally, analysts point out that Agenus is not expected to be profitable this year, and the company's short-term obligations currently exceed its liquid assets. On a brighter note, two analysts have recently revised their earnings estimates upwards for the upcoming period, indicating a potential shift in expectations.
Investors tracking Agenus's stock performance will note that despite a significant hit over the last week, with a one-week price total return of -9.96%, the company has seen strong returns over the last month and three months, at 42.36% and 43.15%, respectively. This volatility underscores the importance of staying informed on the latest financial metrics and expert analyses.
For those considering an investment in Agenus or seeking to better understand the company's financial landscape, InvestingPro offers additional expert tips and insights. There are currently 10 more InvestingPro Tips available, which can be accessed through the InvestingPro platform. Readers can use the coupon code PRONEWS24 to receive an additional 10% off a yearly or biyearly Pro and Pro+ subscription, providing a more comprehensive view of Agenus's financial performance and future prospects.
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