New York-based biotech Agenus is to offer a “Biotech Electronic Security Token” from mid-February, in an attempt to raise over $50m in capital. The tokens, the first offered by a health care business, will be linked to future sales of its PD-1 inhibitor AGEN2034, currently being trialled for solid tumours, notably cervical cancer. Agenus has not revealed the selling price, but confirmed it would be based on a to-be-determined arbitrary cost. The tokens will only be available to accredited investors, with the firm’s shareholders getting priority. They will be asset-backed securities, rather than cryptocurrency.
Massachusetts-based biotech Agenus is to offer a “Biotech Electronic Security Token” from mid-February, in an attempt to raise over $50m in capital. The tokens, the first offered by a health care business, will be linked to future sales of its PD-1 inhibitor AGEN2034, currently being trialled for solid tumours, notably cervical cancer. Agenus has not revealed the selling price, but confirmed it would be based on a to-be-determined arbitrary cost. The tokens will only be available to accredited investors, with the firm’s shareholders getting priority. They will be asset-backed securities, rather than cryptocurrency.