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.