Immuno-oncology company Agenus Inc (NASDAQ: AGEN) reported on Wednesday the start of its Phase I clinical trial of an undisclosed antibody candidate.

The company's Phase I clinical trial was initiated by its partner, Merk.

Under the terms of the agreement, Agenus received a USD4m milestone payment and is entitled to receive up to an additional USD95m in success milestones from Merck.

This milestone is reportedly the second under the collaboration originally announced in April 2014.

Pursuant to the agreement, Merck is responsible for all product development expenses for the antibody candidate, and Agenus is eligible to receive up to an additional USD95m in milestone payments, as well as royalties on worldwide product sales.