Cancer immunotherapy company Argos Therapeutics (Nasdaq: ARGS), which went public earlier this year for some $45 million, has formally committed to making Durham its headquarters.

The company is receiving some $9235,000 in incentives from both the County of Durham and the City of Durham as part of a package to keep the firm located in Durham. 

In an SEC filing, the company discloses it has signed a 10-year lease at $61,750 for a new building. There will be increases in the lease amount based on upfitting of the structure over time. 

The filing was made public on Friday. Argos said it signed the agreement with TKC LXXII, or Keith Corp., a North Carolina firm based in Charlotte. The lease was signed on Aug. 18.

The building will be constructed to Argos’ specifications and cover 97,500 square feet. It will be built on an 11-acre site owned by Keith Corp. on Alexander Drive, according to media reports. 

Argos currently is based at 4233 Technology Drive in Durham. Its lease for that facility expires in November 2016, according to the filing.

Back Story

Argos is currently in phase III clinical trials of its cancer immunotherapy called AGS-003 to treat metastatic renal cell carcinoma, the most common form of kidney cancer. Argos’ proprietary technology works by prompting the body’s immune system to fight disease. The company is testing its technology in conjunction with Pfizer (NYSE: PFE) drug Sutent.

According to Argos’ prospectus, approximately $37.0 million of IPO proceeds will be used to pay costs related to the AGS-003 phase III trial.

Another $2.0 million will be used to fund a phase II trial of AGS-003 studying the immunotherapy in an earlier stage of metastatic renal cell carcinoma. The company will also use $1.6 million to pay for phase II trials costs for another compound, AGS-004, an experimental HIV treatment.

Argos expects to complete enrollment in the AGS-003 phase III trial in the second half of the year. Overall survival data is expected in the first half of 2016.