Agenus extends $24.75 million loan maturity, adjusts payment terms with Ocean 1181

Agenus Inc. (NASDAQ: AGEN) has amended the terms of a loan agreement with lender Ocean 1181 LLC. The revised agreement extends the maturity date of the $24.75 million loan to November 30, 2029, from its original maturity date. Interest on the loan remains at 13.0% per annum. Monthly interest payments will continue to be made equally in cash and shares of Agenus Inc. common stock.

In addition to the extended maturity date, Agenus West LLC will pay Ocean 1181 an extension fee of $247,500, also split evenly between cash and common stock. The company noted that the shares issued to Ocean 1181 will be registered under specific provisions of the Securities Act of 1933. Despite financial challenges, including liquidity issues and a current ratio of 0.34, Agenus shares have appreciated by 132% in the last six months.

Agenus is a biotech company based in Massachusetts, trading under the symbol AGEN on the Nasdaq. The company reported a 39% increase in pre-commercial bot/bal revenue to $6.4 million and stable other revenue of $28.1 million. Agenus also announced a $85 million private placement financing, with the potential to reach $340 million.