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ARTICLE | Financial News

Agenus to sell blockchain tokens to fund PD-1 development

January 29, 2019 7:21 PM UTC

Agenus Inc. (NASDAQ:AGEN) is seeking to raise up to $100 million via the sale of blockchain-powered tokens tied to clinical anti-PD-1 mAb AGEN2034. The company said the asset-backed digital security is the first of its kind in healthcare.

Qualified investors will be able to invest in Agenus' Biotech Electronic Security Token (BEST), which will represent a portion of potential U.S. sales of the antibody. Investors are entitled to redeem tokens in exchange for a defined multiple of the original purchase price, beginning with the first U.S. commercial sale of AGEN2034. The company said "downside protection" provisions for investors include the right to reclaim a portion of the purchase price while retaining a stake in the security's upside...

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