Argos Therapeutics, a US-based biopharmaceutical company focused on developing immunotherapies for the treatment of cancer and infectious diseases, has increased the size of its series E financing by $17.5m, provided by current Argos investors (which include corporate-backed venture investor Genechem, set up by BioChem Pharma, now Shire Pharmaceuticals) and one new investor. The extension brings the total amount of committed funds from $42.5m to $60m. Previously, in August 2013, Argos announced the closing of its series E financing.
The funds from the Series E financing will be used to support the Company’s ongoing ADAPT pivotal Phase 3 clinical trial of AGS-003 for the treatment of metastatic renal cell carcinoma (mRCC).
Jeff Abbey, Argos’ president and chief executive officer, said: “This funding further strengthens our ability to advance our ADAPT clinical trial. In addition, the company is now better positioned to consider and pursue a range of options to support our global manufacturing and commercialization plans based on the potential of our Arcelis™ technology platform.”
In August 2011, Argos Therapeutics filed to raise $86m in a flotation on Nasdaq, which was withdrawn in March 2012 due to market conditions.