Robbins LLP is Investigating Allegations that Agenus Inc. (AGEN) Misled Investors Regarding the Viability of its Drug Candidates

Robbins LLP informs investors that a shareholder filed a class action on behalf of all persons and entities who purchased or otherwise acquired Agenus Inc. (NASDAQ: AGEN) securities between January 23, 2023 and July 17, 2024. Agenus is a clinical-stage biotechnology company that discovers and develops immuno-oncology (“I-O”) products in the U.S. and internationally.  Among other product candidates, the Company is developing balstilimab, an anti-PD-1 antagonist that has completed a Phase 2 clinical trial to treat second line cervical cancer; and botensilimab (AGEN1181), an antigen 4 (CTLA-4) blocking antibody that is in a Phase 2 clinical trial for the treatment of pancreatic cancer and melanoma.

The Allegations 

According to the complaint, during the class period, defendants failed to disclose that: (i) the combination therapy of botensilimab and balstilimab was less effective than defendants had led investors to believe; (ii) accordingly, botensilimab and balstilimab’s clinical results, as well as their regulatory and commercial prospects, were overstated; and (iii) as a result, the Company’s public statements were materially false and misleading at all relevant times.

On July 18, 2024, Agenus issued a press release announcing the results of an “end-of-Phase 2 (EOP2) meeting with the U.S. Food and Drug Administration (FDA), for the advancement of its immunotherapy combination, botensilimab (BOT) and balstilimab (BAL), for the treatment of adult patients with relapsed/refractory microsatellite stable colorectal cancer (r/r MSS CRC) with no active liver metastases (NLM).”  The press release revealed that the “FDA advised against submission of these results in support of an Accelerated Approval based on their view that objective response rates may not translate to survival benefit.” On this news, Agenus’s stock price fell $10.43 per share, or 58.83%, to close at $7.30 per share on July 18, 2024.

What Now: You may be eligible to participate in the class action against Agenus Inc. Shareholders who want to serve as lead plaintiff for the class must submit their application to the court by November 5, 2024. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation.  You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member.

All representation is on a contingency fee basis. Shareholders pay no fees or expenses.