To: Kirk © who wrote (11833 ) 8/25/2021 3:03:41 PM From: Kirk © Respond to Speaking of Agenus.... Agenus Inc.'s Imminent 1181/Bal Data Release And MiNK IPO Should Lead To Enormous Valuation Gains In Q42021 (likely at SITC), AGEN is anticipated to publish updated 1181/Bal Phase 2 clinical data in MSS-CRC that shows 1181/Bal significantly outperforms current FDA approved 3rd line standard-of-care. The broader clinical/investment community may see much faster patient enrollment than planned leading to an FY2022 BLA submission, accelerated approval in 1H2023 & Blockbuster sales potential just in MSS-CRC. If 1181/Bal works on MSS-CRC, it should work on similar cancers (non-small-cell lung cancer) with large patient populations and peak sales potential in the tens of billions/year Nearer term, the IPO of AGEN's MiNK Therapeutics subsidiary may unlock more value than AGEN itself at $6/share based on recent peer IPOs. Agenus' vast pipeline, including multiple Big Pharma partnerships (Merck, BMY, Gilead & Incyte), its PD1 (Bal) 12/16/2021 PDUFA date, QS-21/Stimulon assets (used in Shingrix) & MiNK IPO mitigate long-term risk. AGEN ) market cap drastically underestimates 2 imminent value-creating catalysts. First, AGEN plans to publish updated clinical trial data of its combination immuno-oncology therapy candidate dubbed 1181/Bal (likely at SITC in November 2021 ) in MSS-CRC (colon cancer). Based on AGEN's 1181/Bal disclosures to date, the updated 1181/Bal clinical data may indicate 1181/Bal will be an obvious Blockbuster & on the market as soon as 1H2023. Second & even nearer-term, AGEN has filed to spin-off its MiNK Therapeutics subsidiary ("MiNK") via IPO in 2H2021. Should MiNK be valued consistent with recent peer IPOs including Century Therapeutics ( IPSC ) and/or Cellularity ( CELU ) then the value attributed MiNK by itself could be higher than AGEN's enterprise value at $6/share.seekingalpha.com
