Argos Therapeutics Inc (NASDAQ:ARGS) an immuno-oncology firm focused on the commercialization and advancement of individualized immunotherapies for the cure of cancer and infectious diseases dependent on the Arcelis® technology platform, reported the closing of its previously informed private placement of a secured note worth $6 million with Pharmstandard International S.A.
Jeff Abbey, the CEO of Argos Therapeutics, reported that they appreciate Pharmstandard’s continued support for company. This financing will allow company to continue the near-term clinical advancement of Rocapuldencel-T for the cure of metastatic renal cell carcinoma, including the key ADAPT Phase 3 study, and of AGS-004 for the cure of HIV as the team assesses potential of additional financing opportunities.
Victor Kharitonin, the Chairman of PJSC Pharmstandard Board, said that they are delighted to maintain their support for company. They remain optimistic on the prospect of the Arcelis technology for mRCC treatment. They look forward to continuing their deal with Argos and are delighted to reaffirm their commitment to the firm.
Argos Therapeutics is an immuno-oncology entity focused on the advancement and commercialization of individualized immunotherapies targeting cancer and infectious diseases applying its Arcelis® technology platform. The firm’s most developed product candidate termed as Rocapuldencel-T is being evaluated in the key ADAPT Phase III clinical study for the treatment of mRCC.
Furthermore, Rocapuldencel-T is being assessed in a Phase II investigator-initiated clinical study as neoadjuvant therapy for RCC. Argos is also working on a separate Arcelis®-based offering, AGS-004, for the cure of human immunodeficiency virus, which is currently being assessed in an investigator-started Phase 2 clinical study aimed at HIV eradication in patients.
In the last trading session, the stock price of Argos declined more than 6% to close the week at $0.390. The decline came at a share volume of 2.44 million compared to average share volume of 564,708.