Agenus falls after announcing cost-saving plans, job cuts

Agenus

23/08/2023 18:25

** Shares of cancer therapy developer Agenus Inc  AGEN.O 
fall ~3% to $1.47   
    ** Co says it will prioritize and focus resources to speed
up development and commercialization of its antibody-based
therapies being tested for multiple cancers   
    ** AGEN says it will temporarily postpone all preclinical
and clinical programs not related to the experimental therapies,
botensilimab and balstilimab   
    ** The plan will result in a workforce reduction of about
25% -AGEN
    ** AGEN had 533 employees as of March 1, according to a
regulatory filing
    ** Strategic plan is expected to generate $40 million in
savings by the end of 2023 -AGEN   
    ** Including session moves, stock down ~38% YTD 

 (Reporting by Mariam Sunny in Bengaluru)
 ((Mariam.ESunny@thomsonreuters.com;))