Argos passes on IPO and raises $25m Series D to fund personalized cancer immunotherapy
This article was originally published in Scrip
Rather than pursue an initial public offering this year, personalized cancer immunotherapy developer Argos Therapeutics raised $25 million in a Series D financing round to fund its Phase III ADAPT clinical trial for AGS-003 in metastatic renal cell carcinoma (mRCC) through mid-2013 when it will have interim data to support additional venture capital investment, an IPO or a partnership.
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The biotech suggests that ADAPT trial design was not ideally structured to show the longer-term benefit that might result from its autologous immunotherapy. Argos plans to discuss its plan with FDA in May, despite analyst skepticism.
Executives told Scrip the company is ready to move five programs into Phase III and launch five products this year, including an obesity indication for Mounjaro, but one drug has since received a CRL.
Recent financings, including the $150m launch of Pathalys and a planned $100m IPO for Mineralys, illustrate the reality of biopharma funding in 2023 – that having near-term clinical trial milestones are key to fundraising this year. Companies with dwindling cash are conserving the funds they have left.