Argos Therapeutics Inc (NASDAQ:ARGS) has revealed that it would be attending the Alliance for Regenerative Medicine, Cell and Gene Therapy Investor Day, due to be held on March 22, 2016. The CEO of Argos, Jeffrey D. Abbey, would be present on behalf of the company. He would provide an update on the company’s clinical development programs, to the investors. ARGS focuses on the development and commercialization of immunotherapies, based on the company’s Arcelis technology.
Most recently, the company was able to successfully reach a financing agreement, with several companies and investors, which could potentially help it, raise $60 million. An official statement from the company stated that the funds would help Argos fund operations, at least until the 2Q2017. That is also the time when the company expects to have final data from late-stage clinical trials for its lead drug.
The drug is currently known as AGS-003 and is being tested for metastatic renal cell carcinoma. Once the company has received the final results in 2Q2017, Argos can file for an FDA approval. Since Argos has yet to report its FY2015 results, its financial position can only be judged through its 3Q2015 report. As per the details of that filing, the company’s cash and cash equivalents stood at $56 million. The expected $60 million is to be received in three phases and would be in exchange for private placements and stock warrants of ARGS.
Argos CEO was a part of the moderator’s panel, during the CED Life Science’s Conference, where he had emphasized the need for biotechs to attract funding, in any way possible. During the panel discussion, he also stated that his company needed to make some innovative deals to reach where they are today. The conference was titled: “Innovative Funding and Partnership Models in Biotech”.
Argos Therapeutics Inc (NASDAQ:ARGS) reported a decline of 9.09% in share price, to reach a close at $4.90, after having a trade volume of 512,375 shares, at the end of the March 17 session.