The financing includes $85 million upfront and up to $255 million from warrant exercises, which can fund operations through 2031.
Agenus said it would stop funding a separate study in advanced colon cancer to focus resources on the new trial.
It expects to begin enrolling patients in early 2027 and report initial results later that year.
As of the last close, the stock was up about 7% year to date.
Agenus secures financing for late-stage colon cancer trial
Shares of Agenus AGEN.O soared 22.4% to $4.07 premarket.
The biotech firm said it secured up to $340 million in private financing led by Commodore Capital and backed by RA Capital Management and other investors.
The funding will support a late-stage trial of the experimental cancer drug combination botensilimab and balstilimab in high-risk colon cancer patients.
AGEN said the study targets microsatellite-stable colon cancer, the most common form of the disease.
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