Biotech firm secures up to $340 million to advance Phase 3 trial of immunotherapy combination in MSS colon cancer.
Agenus Inc (NASDAQ:AGEN) shares surged nearly 100% after announcing an oversubscribed $340 million private placement. The funding includes $85 million in upfront proceeds, with an additional $255 million available through warrant exercises, extending financial runway through 2031.
Proceeds will support the ROBBIN Phase 3 trial, evaluating botensilimab and balstilimab in high-risk Stage II and III MSS colon cancer. The trial, aligned with FDA guidance, aims to enroll 850 patients globally, with event-free survival as the primary endpoint.
The financing was led by Commodore Capital, with participation from RA Capital Management and other investors. Agenus cited Phase 2 data from NEST and UNICORN studies as supportive of the trial’s design.