DURHAM — Argos Therapeutics Inc., an immune-oncology company, has enough cash to to fund its operations through the end of 2018, according to a Securities and Exchange Commissions filing on Wednesday.
The company estimates that its cash and cash equivalents as of Dec 31, 2017, were approximately $15.2 million.
The company has raised approximately $4.6 million from the sale of common stock in the first quarter of 2018 and in addition has announced a $1.5 million in equity investment from Lummy Ltd. In Hong Kong.
The company expects the closing of that investment this month.
Argos has faced adversity in recent years. Argo Therapeutics’ stock price fell 65 percent in February 2017, and the company continues to fight for Food and Drug Administration approval for its products.
Last March the company disclosed its annual report and said that it does not “have sufficient cash recourses to pay all of our accrued obligations in full or continue our business operations beyond April 2017.”
The company has recently gained a larger financial cushion than expected, but the future of the company remains uneasy.
Argos Therapeutics is a company focused on the development and commercialization of individualized immunotherapies for the treatment of cancer and infectious diseases using its Arcelis technology platform.
The company is also developing a separate Arcelis-based product candidate for the treatment of human immunodeficiency virus, which is currently under evaluation.
Argos’ stock rose 6 cents, or 4.4 percent, in after-hours trading to $1.43 on Wednesday. The company had a reverse stock split earlier this year to maintain compliance with Nasdaq regulations.
This story is from the North Carolina Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism
