Agenus announces world's first asset-backed digital security for healthcare
Agenus Inc, a biotechnology company specializing in immune modulating antibodies, cancer vaccines, adjuvants and adoptive cell therapies has announced the imminent launch of its new Biotech Electronic Security Token (BEST). The token, a world first in the biopharmaceutical industry, will allow qualified investors to directly invest in a single biotech product while preserving shareholder equity.
Headquartered in Lexington, Massachusetts, Agenus intends for the release of its new tokens to assist in its mission of speeding the development of immuno-oncology therapies, advancing more combination trials, and expanding its reach to additional indications.
Agenus made the announcement via its chairman and CEO, Garo Armen, at the Atomic Capital Event: Digital Assets for Professional Investors in New York, NY. on Tuesday. According to the company’s statement, “The growing adoption of blockchain technology, together with the latest financial regulatory changes, offers new alternatives to fund selected products with digital securities and opens an unprecedented opportunity to target financial investments in pharmaceutical product development.”
Each BEST issued will represent a portion of potential future US sales of Agenus’ products, including the AGEN2034, Agenus' anti-PD-1 antibody, now in clinical trials. Investors qualifying for the program can invest up to US$100mn in order to accelerate the development, commercialization, distribution, and indication expansion of the drug.
"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 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."