Chairman's Update

Yesterday our stock experienced a 16% decline based on what appears to be a misinterpretation of a disclosure we made on Tuesday. The disclosure involved a notification that we received regarding a third party sponsored clinical trial for which we provided our vaccine. This trial was initiated more than three years ago, well before our acquisition of 4-antibody's checkpoint antibody technology platform, which has become the focus of our development pipeline. Our belief in the power of this antibody technology, as well as combinations with other therapeutic modalities such as vaccines, has transformed Agenus into a company with multiple potentially disruptive drug candidates. Thus, while we acknowledge that the third party sponsored trial was stopped based on negative internal analysis of the data, I'd like to clarify that this development does not impact our current or future plans or priorities.  At the core of our rationale is the following:

  • Our lead clinical programs involve our proprietary antibodies targeting two validated targets CTLA-4 and PD-1. We are only second behind BMS with both of these agents.
  • We have significant economic interest in multiple checkpoint antibodies which are partnered with INCYTE, including two antibodies currently in clinical development for which we are entitled to 15% royalty payments on any future sales.
  • These programs are followed by various novel checkpoint antibodies of our own which are in development.
  • We have determined that our future vaccine clinical development plans will involve developing them in combination with checkpoint antibodies with an emphasis on those in our own portfolio.

In sum, Agenus remains unaltered in our convictions to advance our priority programs and we look forward to sharing more updates in our upcoming earnings release.

February 23, 2017

SAFE HARBOR: This communication contains forward-looking statements. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including those described in Agenus’ most recent quarterly or annual report on Form 10-Q or Form 10-K filed with the SEC.

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