At last, crypto comes to biotech

Have you ever looked with longing upon Dentacoin (“the blockchain solution for the global dental industry”) or Centra (“It's certainly not a scam”) and thought: When will there be a cryptocurrency for biotech?

The answer, thanks to a company called Agenus, is: soon. Introducing the Biotech Electronic Security Token (BEST), which is a digital currency you (provided you’re rich or an institutional investor) can buy that entitles you to a cut of any sales generated by AGEN2034, an in-development checkpoint inhibitor for cancer.

Perhaps unsurprisingly, most reactions to Agenus’s announcement have leaned toward confusion if not mockery. Why doesn’t the company, which is public, just raise money by offering shares? How can coin buyers be sure their money will only go toward AGEN2034? And let’s say you eventually want to sell your BEST; would there ever be a market for it?

All that considered, investor Brad Loncar made an interesting point on Twitter: The Agenus application might be fraught, but the basic idea of letting people invest in a single biotech product has been discussed for years. Paired with the right drug, the idea could actually meet a demand. Or it could flame out like so many coins before, but at least you’d have a story.