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Agenus' CEO Discusses Q4 2011 Results - Earnings Call Transcript

Our cash and cash equivalent were $10.7 million as of December 31, 2011. I’m very pleased to report that subsequent to the end of the year Agenus have strengthen its cash position by more than $15 million with two non-dilutive initiatives, which include $9 million of an extended agreement with GlaxoSmithKline and $6.25 million to a license of non-core technologies. In addition, we raised $2.8 million in equity issuances. Collectively the activities increased the company’s cash position by $18 million from the year end 2011 cash position of $10.7 million, which at our current burn rate will be sufficient to fund operations through 2013.

Our net cash burn for 2012 is anticipated to be in the range of $13 million to $15 million. This burn projection is net of approximately $1.5 million in facilities related savings related to the amendment of our Lexington, Massachusetts lease in April 2011 reflecting our ongoing cost containment efforts.

This concludes the financial portion of the call. Garo will now provide the corporate update.

Garo Armen

Thanks Shalini. I’m very pleased to report that 2012 is already proving to be an exciting year for us on a number of fronts. One, as Shalini indicated we started the year by strengthening our balance sheet by $18 million. Two, the GSK news today of the expected license and manufacturing agreement further validates QS-21 as a key adjuvant and expanded potential use in additional indications in the GSK biologics pipeline. Three, under the terms of the GSK agreement we will receive a non-refundable payment of $9 million. And four, also we agreed to rent GSK the first right to negotiate for the purchase of Agenus or certain of its assets. This first right to negotiate expires after five years.

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