Agenus Inc. is facing a shareholder derivative suit alleging that its executives and directors made misleading statements regarding the clinical trial results of a combination therapy aimed at treating metastatic colorectal cancer. The suit claims that these statements breached the executives' fiduciary duties to the company and its investors.
The core of the issue revolves around a combination therapy, including botensilimab, which Agenus' leadership had previously promoted as having significant regulatory and commercial potential. However, the situation shifted when Agenus disclosed concerns raised by the Food and Drug Administration (FDA) regarding the treatment's trial data.
Specifically, on July 18, Agenus released a press statement revealing that the FDA had advised against submitting the trial results for its botensilimab combination. This revelation has cast doubt on the regulatory pathway and future prospects of the cancer treatment, leading to the current legal challenge.
