Agenus INC

Agenus Inc. entered into a securities purchase agreement with institutional and accredited investors, raising about $85 million through the sale of common stock (or pre-funded warrants) plus two series of warrants. If all warrants are exercised, the company could receive up to an additional $255 million. The warrants' exercise and transfer conditions are tied to milestones in the Phase 3 clinical trial of its colon cancer drug combination, botensilimab and balstilimab. The company also agreed to increase its board size to nine directors.

Agenus Inc. amended its existing debt and warrant agreements with holders of $5.09 million in notes originally issued in 2015, pushing the maturity date out eight months to February 2027 and extending the expiration of several warrant series, including A, B, and C warrants, to 2031. The company also issued new D warrants for up to 56,525 shares at $3.25 per share, and agreed to register the underlying shares for resale within 90 days. All other terms, such as the interest rate, remain unchanged.