DURHAM — Argos Therapeutics, Inc. reported it will terminate its study on treatment of newly diagnosed metastatic renal cell carcinoma, causing is stock to fall 68 percent on Thursday.
The most recent interim analysis was conducted after 51 new deaths since its February 2017 interim analysis. Overall the results of the study were not favorable.
The company plans to explore a variety of strategic alternatives that may include a merger or sale of the Company, among other alternatives. Argos Therapeutics hired Stifel, Nicolaus & Co. to serve as the company’s financial advisor in the process.
The company doesn’t have a defined timeline for its strategic alternatives and isn’t confirming that the process will result in a strategic alternative being announced.
Argos Therapeutics also announced its trading in common stock will no longer be with The Nasdaq Capital Market and will be suspended on April 23.
The company has filed an application to transfer it’ trading to the OTCQB Venture Market.
Argos Therapeutics is an immuno-oncology company that develops and commercialized individualized immunotherapies for cancer treatments and infectious diseases. The company is currently developing a product for the treatment of HIV.
The SEC filing can be found online.
The company’s shares were trading Thursday at 33 cents, down 74 cents, or 68.8 percent.
This story is from the North Carolina Business News Wire, a service of the UNC-Chapel Hill School of Media and Journalism
