Agenus Hit With Investor Suit After FDA Cancer Drug Feedback (1)

Agenus Inc. has been sued by a shareholder who alleges the biotech company misled investors about the clinical results of a colon cancer treatment.

The proposed class action comes after Agenus in July revealed that the Food and Drug Administration advised the company against submitting the trial results for accelerated approval of the treatment. Agenus’ stock fell almost 59% on the news, the complaint said.

The suit alleges the company overstated the therapy’s clinical results and investors were misled about its effectiveness.

The complaint was filed Sept. 6 in the US District Court for the District of Massachusetts. An Agenus ...