Investors Not Happy With Agenus Inc (NASDAQ:AGEN)
Agenus Inc (NASDAQ:AGEN), the small capped drug maker came out with a slew of announcements and regulatory filings in the intervening days of 5th to 7th March. The combined effect of these pronouncements which included 4Q and full year 2013 operations results, by the firm left its stock down by 8.16 percent during trading on 7th March. The other important development reported by the firm was that it was fast tracking its antibody drug candidates which include its “two GITR agonists and a CTLA-4 antagonist” into development stage in association with Ludwig Cancer Research Centre.
Fourth Quarter Highlights
In the fourth quarter, Agenus Inc (NASDAQ:AGEN) reported net loss of 16 cents per share, which adds up to close to $5.8 million for the quarter. This was slightly below the $5.6 million or 23 cents loss per share, the firm had reported in 4Q12. For the full year, its loss from operations more than doubled to reach $33.2 million as against $12.1 million the firm had accumulated in FY12. Cash and its equivalent from the full year operations stood at $27.4 million. The firm also added that in 1Q, it got a big cash infusion of $56 million from a public offering of its common stock.
Agenus Inc (NASDAQ:AGEN) Chairman of the Board, Chief Executive Officer G H. Armen Ph.D has been quoted to have explained the accomplishments in 4Q12 in following words.“The 4Q13 acquisition of an exciting new platform of fully-human checkpoint antibodies platform has generated six lead discovery programs in immuno-oncology. This transformative acquisition along with our strengthened balance sheet from our recent financing enables us to rigorously pursue our cancer immuno-oncology strategy with a broad portfolio of innovative products.”
Guidance For 2014
Agenus Inc (NASDAQ:AGEN) also anticipates the announcement of results from Phase 3 testing being conducted by GlaxoSmithKlines’s on its drug candidate MAGE-A3 for treating non-small cell lung cancer.