Agenus Inc, a biotech developer firm which develops immune modulating antibodies, cancer vaccines, adjuvants and adoptive cell therapies has announced the launch of its upcoming security token offering for Biotech Electronic Security Token (BEST). It is set to be the first digital security offering in healthcare sector.
The Biotech Electronic Security Token (BEST) is aimed to be an innovative and transformative way for financing drug development through increasing liquidity, minimizing dilution, and improving capital allocation. Tokenization of the biotech assets will provide the qualified investors with an opportunity to directly invest in a single biotech product while preserving shareholder equity. The BEST token will be backed by one of the pipeline projects of Agenus, dubbed AGEN2034.
The firm is aiming to raise to $100 million. The funds generated in the offering will be used to accelerate the development, commercialization, distribution, and indication expansion for AGEN2034 drug. BEST is expected to lead the emergence of a new era where asset-specific securities will provide investors with unique funding alternatives and options for managing risk. The offering democratizes financing through targeted investments for specific therapeutic drug products. The token will be issued in accordance with Regulation D of the Securities Act of 1933.
Garo Armen, Chairman and CEO of Agenus said “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 revolutionize the financing of drug development.” added Armen.