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NEWS
Agenus Secures $22 Million Mortgage and Announces Strategic Operational Realignment
Agenus (NASDAQ: AGEN) has secured a $22 million mortgage backed by its Berkeley and Vacaville properties, providing $20 million in net proceeds.
The two-year mortgage includes interest payable 50% in cash and 50% in common stock, at rates of 12% for Year 1 and 13% for Year 2.
The company announced a Strategic Operational Realignment Plan focusing on botensilimab/balstilimab(BOT/BAL) in MSS colorectal cancer, targeting a 60% reduction in annual external expenditures.
The plan includes transforming CMC capabilities into a fee-for-service biologics manufacturing business, aiming to reduce FY 2025 cash burn to approximately $100 million.
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