Antigenics Inc. (New York) Agrees to Sell Up to $20.25 Million in Common Shares

NEW YORK--(BUSINESS WIRE)--Antigenics Inc. (NASDAQ: AGEN) today announced that it has entered into an agreement with Fletcher Asset Management to sell $5 million of common stock to Fletcher pursuant to its S-3 shelf registration. Under the terms of the transaction, Antigenics is offering 1,623,377 shares of its common stock at $3.08 per share, which represents a 24 percent premium above the closing price on August 31, 2007. The net proceeds to Antigenics are expected to be approximately $4.7 million. Antigenics is also offering shares of its Series B1 and Series B2 Convertible Preferred Stock to Fletcher. The issuance of the securities is subject to certain closing conditions.

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