Agenus Prices Public Offering of Common Stock

Press Release:


Agenus Prices Public Offering of Common Stock

Lexington, MA (February 5, 2014): Agenus Inc. (Nasdaq: AGEN) today announced the pricing
of an underwritten public offering of 19,335,653 primary shares of its common stock at a price of
$2.70 per share. Agenus has granted the underwriters a 30-day option to purchase up to
2,900,347 additional shares of common stock to cover over-allotments, if any.

William Blair & Company, L.L.C. is acting as sole book-running manager for the
offering. Maxim Group LLC is acting as lead manager and H.C. Wainwright & Co., LLC and
MLV & Co. LLC are acting as co-managers for the offering. Geller Biopharm Inc. is acting as
financial advisor for the offering.

The shares will be issued by Agenus pursuant to a shelf registration statement that was
previously filed with, and declared effective by, the Securities and Exchange Commission
(SEC). A preliminary prospectus supplement related to the offering has been filed with the SEC
and is available on the SEC's website located at www.sec.gov. A final prospectus supplement
related to the offering will be filed with the SEC.

This press release does not constitute an offer to sell or a solicitation of an offer to buy
nor shall there be any sale of these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification under the securities
laws of any such state or jurisdiction. Any offer, if at all, will be made only by means of a
prospectus supplement and accompanying prospectus forming a part of the effective registration
statement, copies of which may be obtained, when available, from William Blair & Company,
L.L.C., Attention: Prospectus Department, 222 West Adams Street, Chicago, IL 60606, by
telephone at (800) 621-0687, or by e-mail at prospectus@williamblair.com.

About Agenus

Agenus Inc. is a biotechnology company working to develop treatments for cancers and
infectious diseases. The company is focused on immunotherapeutic products based on strong
platform technologies with multiple product candidates advancing through the clinic, including
several product candidates that have advanced into late-stage clinical trials through corporate
partners. Between Agenus and its partners, 23 programs are in clinical development.

Additional Information

Statements made in this press release include forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, regarding, but not limited to, the use of proceeds
from the offering. Forward-looking statements can be identified by the use of words such as
“may,” “will,” “plan,” “should,” “expect,” “anticipate,” “estimate,” “continue,” or comparable
terminology. Such forward-looking statements are inherently subject to certain risks, trends and
uncertainties, many of which Agenus cannot predict with accuracy and some of which Agenus
might not even anticipate, and involve factors that may cause actual results to differ materially
from those projected or suggested. These risks and uncertainties include, among others, the
factors described under the Risk Factors section of Agenus’ Current Report on Form 8-K, which
was filed with the SEC on February 4, 2014. Agenus cautions investors not to place considerable
reliance on the forward-looking statements contained in this release. These statements speak only
as of the date of this press release, and Agenus undertakes no obligation to update or revise the
statements.


Media and Investor Contact:
Jonae R. Barnes
Vice President
Investor Relations and
Corporate Communications
jonae.barnes@agenusbio.com
617-818-2985

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