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Garo Armen Net Worth

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Garo Armen net worth
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What is Garo Armen net worth?

Garo Armen net worth 2021: Garo H. Armen is a Turkish-born American businessman of Armenian descent. He is the co-founder of Agenus, Inc. and the founder of the Children of Armenia Fund (COAF), a non-profit organization that focuses on reducing poverty, through “education, healthcare, community, and economic development”.

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Biography

Armen was born on January 31, 1953, in Turkey. He moved to New York City in 1970. According to the New York Times he became a messenger boy for a nonprofit Armenian organization. His second job was in the kitchen of the Lawyers’ Club but it only lasted a day.

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One night in 1978, in the middle of the energy crisis, Armen was driving home when he stopped at a gas station. “I noticed that gas pumps only had two digits [for the per gallon price],” in an interview with The Scientist “Realizing that continued rising prices would force the pumps to be replaced in the near future, I borrowed $5,000 to invest in gas pumps.” Soon enough, virtually every gas pump in America was replaced – and Armen had made $20,000. His interest in business was piqued, and had already paid off.

By 1979, he received his Ph.D. in physical chemistry from the City University of New York. Armen served as Senior Vice President of Research for Dean Witter Reynolds (1986–1989), focusing on the chemical and pharmaceutical industries, and with E.F. Hutton & Company as First Vice President (1981–1986). Before entering finance, Armen had been an associate professor at the Merchant Marine Academy and a research associate at the Brookhaven National Laboratory.

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Armen’s journey into drug development began when his mother died from breast cancer in 1973. The two shared a one-room Brooklyn apartment where Armen administered her morphine shots until she died. In 1994, Armen was approached by Pramod Srivastava, then a biochemist at Mount Sinai School of Medicine, about the possibility of developing Oncophage from a clinical and commercial perspective. The treatment involved removing a patient’s tumor cells, isolating and fortifying the cellular proteins that normally alert the immune system to disease, and re-injecting the proteins into the patient. In 1994, Armen co-founded Antigenics with Srivastava.

Agenus

Armen is chairman and chief executive officer of Agenus Inc., formerly known as Antigenics Inc., a biotechnology company that discovered Oncophage, a personalized cancer vaccine recently approved in Russia for patients with earlier-stage kidney cancer and currently under review with the European Regulatory Agency. 

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By February 2000, Antigenics went public at $18 a share, raising $72.5 million. A few months later the U.S. Food and Drug Administration (FDA) agreed to review the vaccine on an accelerated schedule when the company filed for approval, and Antigenics began recruiting 728 patients with kidney cancer for the phase 3 trial, the largest study conducted in the world.

Ultimately, 118 cancer centers participated in the trial, 63 of them outside the U.S.. The largest group of patients, 172, was treated in Russia. In April 2008, Oncophage was approved by the Russian Ministry of Health, making Russia the first country in the world to approve a personalized cancer vaccine in patients with earlier-stage kidney cancer.

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While retaining his position at Antigenics, Armen became chairman of the board of directors for the biopharmaceutical company Élan Corporation plc from mid-2002 through 2004. The company was on the brink of collapse brought down by an accounting scandal that earned it the label of “Europe’s Enron”.

During his tenure, Armen became the architect of the company’s $1 billion restructuring program by strengthening Élan’s finances, refocusing the group on its core clinical development business and returning shareholder value. 

Garo Armen Net Worth

Garo Armen net worth is $15.3 Million. He owns over 100,000 units of Agenus Inc stock worth over $4,326,355 and over the last 17 years he sold AGEN stock worth over $1,007,854.

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Net worth$15.3 million
NameGaro H. Armen
Date of birthJanuary 31, 1953
OccupationBusiness Executive
NationalityAmerican
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