Biotech’s first cryptocurrency is a hard sell

When we last checked in with Agenus at the end of February, the tiny biotech company was pitching investors on a sale of “Biotech Electronic Security Tokens” to finance clinical trials for AGEN2034, an experimental cancer immunotherapy. The buyers of said tokens would be entitled to royalties on future sales of AGEN2034, assuming its approval at some later date.

So, how’s that bio-crypto fundraising effort working out, Agenus?

“We announced an anticipated closing date in March 2019 and the possibility for us to raise up to a maximum of $100 million in the offering. As of the date of this filing, we have not closed on the sale of any tokens,” Agenus disclosed in its annual report filed with the SEC on March 18.

No tokens taken. Perhaps what’s missing is the blockchain.