Argos Therapeutics Announces Additional $17.5 Million Of Series E Financing Bringing Total Commitment To $60 Million
DURHAM, N.C., Nov. 20, 2013 /PRNewswire/ -- Argos Therapeutics Inc., a biopharmaceutical company focused on the development and commercialization of fully personalized immunotherapies for the treatment of cancer and infectious diseases using its Arcelis™ technology platform, today announced that on November 4, 2013, the Company increased the size of its previously announced Series E financing by $17.5 million, bringing the total amount of committed funds from $42.5 million to $60 million.
In August 2013, Argos announced the closing of a $42.5 million Series E financing. The additional $17.5 million investment represents additional commitments from current Argos investors and one new investor. 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).
"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," said Jeff Abbey, Argos' president and chief executive officer.
About the Arcelis™ Technology Platform
Arcelis is a fully personalized immunotherapy technology that captures mutated and variant antigens that are specific to each patient's disease. It is designed to overcome immunosuppression by producing a durable memory T cell response without adjuvants that may be associated with toxicity. The technology is potentially applicable to a wide range of different cancers and infectious diseases and is designed to overcome many of the manufacturing and commercialization challenges that have impeded other personalized immunotherapies.
The Arcelis process uses only a small tumor or blood sample and the patient's own dendritic cells, which are collected and optimized following a single leukapheresis procedure. The proprietary process uses RNA isolated from the patient's disease sample to program dendritic cells to target disease antigens. The activated, antigen-loaded dendritic cells are then formulated into the patient's plasma and administered via intradermal injection.
About Argos Therapeutics
Argos Therapeutics is a biopharmaceutical company focused on the development and commercialization of fully personalized immunotherapies for the treatment of cancer and infectious diseases using its Arcelis™ technology platform. Argos' most advanced product candidate, AGS-003, has initiated a pivotal Phase 3 study for the treatment of mRCC, and the Company recently completed enrollment of its Phase 2b study of AGS-004 for the treatment of HIV. For more information about Argos Therapeutics, visit www.argostherapeutics.com.
SOURCE Argos Therapeutics Inc.