On Monday, H.C. Wainwright maintained its Buy rating and $40.00 price target for NASDAQ:AGEN, following Agenus (NASDAQ:AGEN) Inc.'s recent presentation of study results. The presentation, which took place on June 28, detailed findings from the IST study of bot/bal as a neoadjuvant treatment for colorectal cancer (CRC). A total of 20 patients were part of the data presented, with 17 having microsatellite stable (MSS) and three with high microsatellite instability (MSI-H) disease.
The study included two cohorts, NEST-1 and NEST-2, both receiving an initial dose of bot with bal. NEST-1 participants were given an additional dose of bal after two weeks, totaling four weeks of treatment, while NEST-2 participants received up to three more doses, extending treatment to eight weeks. The extended treatment period for NEST-2 was designed to allow for potentially deeper pathological responses before surgery, as eight weeks is the typical timeframe for neoadjuvant disease treatment.
Notably, the NEST-2 cohort demonstrated a 78% pathological response rate in MSS-CRC patients, with 56% achieving complete pathological response (cPR). Additionally, the single MSI-H patient enrolled also reached cPR. Overall, the study showed a 75% pathological response rate and a 40% cPR rate. The data indicated that a longer exposure to bot/bal, up to eight weeks, resulted in higher cPR and pathological response rates.
The study also reported that no surgeries were delayed due to adverse events, and no patients had unresolved immune-related adverse events at the time of surgery. The safety profile of bot/bal was consistent with expectations based on previous studies. With these results, H.C. Wainwright reaffirmed its positive stance on Agenus, highlighting the potential of the company's treatment regimen in the context of colorectal cancer.
In other recent news, Agenus Inc . has announced several significant developments. The immuno-oncology company reported Q1 revenue of $28 million but a net loss of $63.5 million. On the financial front, Agenus also secured a $100 million financing deal with Ligand Pharmaceuticals, which could potentially increase to $200 million, providing a substantial boost to the company's financial resources.
The company has also appointed Dr. Jennifer Buell to its Board of Directors. Dr. Buell, who is also the President and CEO of MiNK Therapeutics, brings over 27 years of experience in the biopharmaceutical industry to her new role at Agenus. Her immediate focus will be guiding the company's BOT/BAL program towards a Biologics License Application and exploring new avenues for cancer therapy delivery.
Furthermore, Agenus has scheduled a key regulatory meeting with the U.S. Food and Drug Administration (FDA) to discuss the development of its combination cancer therapy, botensilimab and balstilimab (BOT/BAL). This therapy, which has previously been granted a fast track designation by the FDA, has shown potential in treating metastatic microsatellite stable colorectal cancer.
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