Argos Therapeutics Secures $35.2 Million Series C Financing
Funding to Advance Arcelisâ„¢ Personalized Immunotherapy Programs in HIV and Cancer, and Novel Immunosuppressant, CD83
DURHAM, N.C.--(BUSINESS WIRE)--Argos Therapeutics today announced the closing of a $35.2 million tranched Series C financing. The financing was led by TVM Capital and included participation from new investors Mizuho Capital, Morningside Group and Japan Asia Investment Co. Existing Argos investors Lumira Capital, Forbion Capital Partners, CDP Capital, Intersouth Partners, Aurora Capital, and GeneChem also participated in the round, with several of these investors participating significantly above their pro rata share. Kirin Pharma Company, Ltd., which has an on-going worldwide collaboration with Argos, also participated.
Proceeds from the Series C will be used to fund the achievement of Phase 2 efficacy results for the Companyâ€™s Arcelisâ„¢ immunotherapy candidates in renal cell carcinoma and HIV. The financing will also support the further development of Argosâ€™ CD83 protein immunology program through an initial human clinical trial in transplantation.
â€œThe team at Argos has demonstrated significant progress in building a solid pipeline based on its promising, unique approach to immunotherapy,â€ said Hubert Birner, Ph.D., General Partner of TVM Capital and Argosâ€™ Chairman. â€œWe believe that the Companyâ€™s many near-term data events, combined with its ability to move into additional cancer and infectious disease indications with its Arcelis platform technology, as well autoimmune disorders with its CD83 soluble protein, position Argos as a leader in the immunotherapy field.â€
â€œThis significant financing illustrates the confidence in our technology and pipeline on the part of a world-class investor syndicate,â€ said John Bonfiglio, Ph.D., President and CEO of Argos. â€œAfter demonstrating proof-of-principle and the superior potency of our Arcelis platform with these resources, we would be poised to enter pivotal trials with our dendritic cell-based immunotherapies.â€
Argos has received more than half of the total proceeds of the financing, with the balance scheduled to be received by the Company in late 2008.
About Argos Therapeutics, Inc.
Argos is an immunotherapy company developing new treatments for cancer, infectious and autoimmune diseases, and transplantation rejection. The Company has generated multiple platform technologies and a diverse pipeline of products based on its expertise in the biology of dendritic cells - the master switch that turns the immune system on or off. www.argostherapeutics.com