Agenus secures up to $340 million to fund Phase 3 ROBBIN trial in MSS colon cancer
The private placement includes $85 million upfront and up to $255 million in warrant proceeds, while Agenus drops funding for its BATTMAN trial in late-line disease.
Agenus Inc. announced on July 13, 2026 that it entered into a securities purchase agreement for a private placement of approximately $85 million in upfront gross proceeds, before the deduction of private placement expenses, and up to an additional $255 million upon the full exercise of purchase warrants.1 Commodore Capital led the financing, with participation from RA Capital Management, TCGX, Invus, and Ligand Pharmaceuticals.1
The proceeds are intended to support Agenus' strategic prioritization of botensilimab and balstilimab (BOT+BAL) for the neoadjuvant treatment of microsatellite-stable (MSS) colon cancer, including advancement of ROBBIN1, the Company's planned registrational Phase 3 neoadjuvant trial in microsatellite-stable (MSS) colon cancer.1
Under the deal terms, Agenus will issue 23,035,227 shares of common stock (or pre-funded warrants in lieu thereof, with an exercise price of $0.01 per share), accompanying Series A purchase warrants to purchase 21,144,277 shares at $4.02 per share, and Series B purchase warrants to purchase 33,797,214 shares at $5.03 per share.1 Assuming full warrant exercise, Agenus expects the financing to fund completion of ROBBIN, with cash runway through year-end 2031.1 Absent warrant exercise, the company believes existing cash plus placement proceeds will fund operations into the third quarter of 2027.1
The trial itself, ROBBIN, is designed to enroll 850 patients, randomized 1:1, with event-free survival as its primary endpoint.1 Milestones include first patient dosing anticipated in the first quarter of 2027, interim pathologic response data in the second half of 2027, interim EFS analysis in the second half of 2029, and final EFS analysis in the second half of 2030.1
Separately, in order to focus resources on the new trial, Agenus plans to discontinue financial support for the ongoing BATTMAN Phase 3 study in late-line metastatic MSS colorectal cancer.1 The company said it will honor its obligations to patients currently receiving treatment and work with the Canadian Cancer Trials Group to manage the transition.1
Written by readthrough’s AI from the linked primary sources and fact-checked against them automatically before publishing. Not investment advice.