| News Release Issued: Dec 19, 2019 (7:30am EST) 
 Agenus Commences Combination Trial of its Next-Gen CTLA-4 with its PD-1 Antibody
 
 LEXINGTON, Mass., Dec. 19, 2019 / PRNewswire/  -- Agenus Inc. (NASDAQ: AGEN), an immuno-oncology (I-O) company with a  pipeline of immune checkpoint antibodies, adoptive cell therapies1  and cancer vaccines, today announced the first patient dosed with  AGEN1181, an anti-CTLA-4 antibody, in combination with balstilimab,  Agenus' PD-1 inhibitor. Agenus began this study as a monotherapy in  patients with advanced solid tumors within a Phase 1 dose escalation  study (NCT03860272) in April 2019.
 
 
 
  
 
 The first patients to be treated with AGEN1181 as a monotherapy as well as the combination trial with PD-1 were dosed by Dr. Steven O'Day,  Executive Director of the John Wayne Cancer Institute & Cancer  Clinic, and a pioneer in delivering immune therapies to patients with  cancer.
 
 "AGEN1181, with its potential  for enhanced immune activation and tumor fighting abilities, may bring  superior benefit to a broader group of patients compared to first  generation anti-CTLA-4 antibodies," said Dr. O'Day. "The pre-clinical  data suggest the superiority of this molecule as a monotherapy and in  combination with anti-PD-1, like balstilimab. Furthermore, AGEN1181 was  designed to bring benefit to a broad population of patients both who  respond to first generation molecules and those who do not respond due  to a genetic polymorphism. Expanding the important immune priming  benefit of CTLA-4 to a broad group of patients would be outstanding. I  am thrilled to be working with this compound."
 
 Balstilimab, the company's  proprietary anti-PD-1 antibody, is currently being evaluated as a  monotherapy and in combination with zalfrelimab (a first generation  CTLA-4) in trials designed to support a planned BLA filing in 2020 for  patients with relapsed/refractory cervical cancer.
 
 This expanded trial is another  example of Agenus' ability to rapidly advance its novel pipeline.  Next-Gen CTLA-4 is a novel antibody from Agenus' discovery engine, and  with its own PD-1 molecule, Agenus has been able to move this important  combination into the clinic with a high sense of urgency.
 
 About AGEN1181
 AGEN1181,  a novel 'Fc engineered' antibody with potential for enhanced anti-tumor  functions, is specifically designed to boost cancer killing immune  cells and deplete intratumoral regulatory T cells that promote immune  evasion. By enhancing binding to a specific Fc receptor, Fc?RIIIA, on  antigen-presenting cells or natural killer cells, AGEN1181 significantly  enhances the therapeutic potential of anti-CTLA-4 therapy leveraging  novel mechanisms that are not captured by the first-generation  anti-CTLA-4 therapies. AGEN1181's Fc engineered backbone improves the  cross-talk between antigen-presenting cells and T cells, to enable  optimal T cell priming, activation and formation of durable memory  responses. Moreover, AGEN1181 enhanced binding to Fc?RIIIA,  significantly increases the potential to deplete intratumoral regulatory  T cells, a significant barrier to successful anti-cancer immune  responses. Notably, AGEN1181 is engineered to strongly bind both the low  affinity and high affinity Fc?RIIIA polymorphisms, unlike first  generation molecules which weakly bind the low affinity polymorphism.  AGEN1181 is designed to expand the benefit to an additional ~40% of  patients with the low affinity polymorphism and enhance the benefits of  CTLA-4 in all patients.
 
 About Agenus
 Agenus  is a clinical-stage immuno-oncology company focused on the discovery and  development of therapies that engage the body's immune system to fight  cancer. The Company's vision is to expand the patient populations  benefiting from cancer immunotherapy with combination approaches that  leverage a broad repertoire of antibody therapeutics, adoptive cell  therapies (through its AgenTus Therapeutics subsidiary) and its  proprietary cancer vaccine platforms. Agenus has a suite of antibody  discovery platforms and a state-of-the-art GMP manufacturing facility  with the capacity to support early phase clinical programs. Agenus is  headquartered in Lexington, MA. For more information, please visit  www.agenusbio.com  and our twitter handle @agenus_bio. Information that may be important  to investors will be routinely posted on our website and twitter.
 
 Forward-Looking Statements
 This  press release contains forward-looking statements that are made  pursuant to the safe harbor provisions of the federal securities laws,  including statements regarding Agenus' clinical development and  regulatory plans and timelines and the potential therapeutic benefit of  AGEN1181. These forward-looking statements are subject to risks and  uncertainties that could cause actual results to differ materially.  These risks and uncertainties include, among others, the factors  described under the Risk Factors section of our most recent Quarterly  Report on Form 10-Q or Annual Report on Form 10-K filed with the  Securities and Exchange Commission. Agenus cautions investors not to  place considerable reliance on the forward-looking statements contained  in this release. These statements speak only as of the date of this  press release, and Agenus undertakes no obligation to update or revise  the statements, other than to the extent required by law. All  forward-looking statements are expressly qualified in their entirety by  this cautionary statement.
 
 Contact:
 Agenus Inc.
 Jennifer Buell, PhD
 Jennifer.Buell@agenusbio.com
 
 1Through AgenTus Therapeutics, a subsidiary of Agenus
 
 
 
 SOURCE  Agenus
 
 To view this release online and get more information about Agenus Bio InvestorRoom visit: investor.agenusbio.com
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