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January 30, 2019updated 23 Dec 2019 10:51am

Agenus issues digital token to fund oncology drug development

Immuno-oncology firm Agenus is set to introduce Biotech Electronic Security Token (BEST), a new way to fund the development of its cancer drug candidate AGEN2034.

Immuno-oncology firm Agenus is set to introduce Biotech Electronic Security Token (BEST), a new way to fund the development of its cancer drug candidate AGEN2034.

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BEST is a blockchain-based digital security offering and said to be the first of its kind in healthcare industry.

Agenus added that the digital token will enable investors to directly invest in single products and will have a limited affect on shareholders’ equity.

BEST will be tied to AGEN2034, an anti-PD-1 antibody currently undergoing a pivotal clinical trial; each token will be linked to a portion of potential future US sales of the product, and can be redeemed once sales commence.

The company is seeking investments of up to $100m via the new financing approach, to support the development, commercialisation, distribution and indication expansion of the drug candidate.

Digital investment group Atomic Capital will manage the investor participation and validation.

“By announcing the first of its kind asset backed digital security offering in healthcare, we open the doors for a transformative financing vehicle.”

Agenus chairman and CEO Garo Armen said: “Today, by announcing the first of its kind asset backed digital security offering in healthcare, we open the doors for a transformative financing vehicle.

“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 revolutionise the financing of drug development.”

The company expects the new financing model to be adopted by the healthcare industry in the future. However, the digital securities are yet to be approved by regulators, noted Bloomberg.

Agenus is primarily engaged in discovery and development of immunotherapies for cancer. Its pipeline includes multiple early phase programmes.

Last month, the company partnered with Gilead Sciences to drive the development and commercialisation of up to five immuno-oncology (I-O) candidates.

The deal involves $150 in upfront payment, along with approximately $1.7bn in potential future fees and milestones from Gilead.

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Never Trust, Always Verify: Is Zero Trust the Next Big Thing in Cybersecurity?

Cyberattacks continue to rise every year and no sector seems to be immune. Hackers target sensitive information such as organizational, client, and financial data, as well as intellectual property (IP) and proprietary functions. As digital transformation becomes a top priority for many organizations, traditional perimeter-based security models are no longer sufficient to address the growing cybersecurity concerns. Against the backdrop, enterprises explore zero trust as it takes a micro-level approach to authenticate and approve access at every point within a network. Reasons to read: The cybersecurity landscape is swiftly changing, and businesses need more awareness to meet the evolving change. The report highlights the current state of play and the future potential of the zero trust approach in cybersecurity to protect critical digital infrastructure of enterprises across sectors such as financial services, healthcare, telecom, and transportation, among others. Read our report and gather insights on the following topics:
  • Traditional vs zero trust protection
  • Key advantages and solution providers
  • Major industries and key players
  • Drivers and challenges
  • Top funded startups and Mergers & Acquisitions
  • Implementation challenges
by GlobalData
Enter your details here to receive your free Whitepaper.

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