Healthcare firm Agenus announces launch of $100M security token offering

Security Token • January 29, 2019, 6:38PM EST
UPDATED: January 29, 2019, 6:50PM EST
The Block

Agenus, an immuno-oncology company with a pipeline of immune modulating antibodies, cancer vaccines, and adoptive cell therapies, announced today the upcoming launch of its Biotech Electronic Security Token (BEST), the first security token offering in healthcare.

The BEST token will enable accredited investors to directly invest in a single biotech product while preserving existing shareholder equity. Each token will represent a portion of potential future US sales of AGEN2034, Agenus’ anti-PD-1 antibody, and is entitled to a defined return claimable through token-by-token redemption.

Agenus is seeking to raise up to $100 million through the BEST sale, which will help the firm accelerate the development, commercialization, and distribution for AGEN2034.

"Today, by announcing the first of its kind asset backed digital security offering in healthcare, we open the doors for a transformative financing vehicle," said Garo Armen, Chairman and CEO of Agenus. "We believe this unique structure will pave the way for allowing targeted investment by qualified investors in the development of therapeutic products. This instrument, powered by blockchain technology, enables us to revolutionize the financing of drug development."

 

Disclosure: Agenus CEO Garo Armen is an investor in The Block.

AUTHOR

Matteo Leibowitz profile picture Matteo Leibowitz

Matteo joined The Block as a Research Analyst in January 2019. After graduating from Columbia University in 2017 Matteo launched CryptoChat, an industry-leading newsletter providing commentary and analysis on the latest developments in the blockchain world, with emphasis on the burgeoning Ethereum ecosystem. Before joining The Block, Matteo was also the founder of NashHash, an Ethereum-based platform for p2p game-theory games, an advisor to several early-stage blockchain-based projects, and an active investor across the crypto asset markets. Matteo's interests include the analysis of on-chain data, which has led to the creation of the Fee Ratio Multiple and Network Value to Aggregate Fee Ratio metrics, and the intersectionality of Open Finance protocols.

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