Agenus announces layoffs, sharper focus on lead programme

23 Aug 2023
firstwordpharma.com
Phase 2Immunotherapy
Agenus on Wednesday announced plans to reduce its workforce by 25% as the immuno-oncology company focuses attention on its lead botensilimab/balstilimab (BOT/BAL) programme in multiple cancers. Company shares declined roughly 7% on the news.
Under the new arrangement, which is expected to result in about $40 million in savings by the end of the year, Agenus said it will temporarily postpone all preclinical and clinical programmes not related to BOT/BAL. The plan is to reduce operating expenses across the company's global organisation by concentrating R&D, clinical, manufacturing and regulatory resources on the BOT/BAL programme and "drive commercial readiness."
Agenus, which has about 530 employees, said it expects the job cuts to result in savings of about $2.8 million by year-end.
Botensilimab is an investigational CTLA-4 antibody with modified Fc region that is designed to engage with activating receptors on immune cells to promote a more effective response. The compound, either alone or together with Agenus' PD-1 antibody balstilimab, "has shown clinical responses across nine metastatic, late-line cancers," the company said. The combination is currently in Phase II studies in solid tumours, colorectal cancer that does not have high microsatellite instability, and PD-1 relapsed or refractory melanomaPD-1 relapsed or refractory melanoma, according to the company's website.
Targeting first filing in 2024
"The observed clinical benefit in solid tumours underscores the [BOT/BAL] programme's game-changing potential, and our rapid progress towards a first filing in 2024 highlights the necessity for prioritisation in every aspect of our operations," remarked CEO Garo Armen.
Meanwhile, Agenus said it "plans to reactivate" its pipeline of immuno-oncology agents in the future, adding that the cost-cutting measures will not affect its partner-funded programmes. These include MK-4830, an antibody targeting the myeloid-specific ILT4 receptor partnered with Merck & Co., the CD137 agonist AGEN2373 with Gilead Sciences, and the anti-TIGIT bispecific BMS-986442 (AGEN 1777), which is being co-developed with Bristol Myers Squibb.
For more details,please visit the original website
The content of the article does not represent any opinions of Synapse and its affiliated companies. If there is any copyright infringement or error, please contact us, and we will deal with it within 24 hours.
Organizations
Indications
Targets
Drugs
Get started for free today!
Accelerate Strategic R&D decision making with Synapse, PatSnap’s AI-powered Connected Innovation Intelligence Platform Built for Life Sciences Professionals.
Start your data trial now!
Synapse data is also accessible to external entities via APIs or data packages. Leverages most recent intelligence information, enabling fullest potential.