Argos Therapeutics is putting some dollar figures to its proposed $60 million initial public offering.
The Durham cancer immunotherapy company plans to offer shares to the public in the range of $13 to $15 per share, according to an updated securities filing Tuesday. The midpoint price of $14 per share gives Argos a $247 million valuation; the company would raise just shy of $60 million from selling 4.25 million shares in the stock offering.
It’s the second IPO attempt from Argos, which first filed to go public in 2011 before withdrawing those plans in 2012 citing market conditions. Argos filed new IPO plans in December. Argos plans to use funds from the IPO to pay for late-stage clinical trials of an experimental kidney cancer treatment, called AGS-003. The company has developed an immunotherapy technology that works by prompting the body’s immune system to fight disease. Metastatic renal cell carcinoma, the most common form of kidney cancer, is Argos’ first disease target. Following phase II trials testing the Argos immunotherapy along with Pfizer (NYSE:PFE) drug Sutent, the company reported an increase in the median overall survival of cancer patients treated with the combination compared to patients treated with Sutent alone or with other therapies.
The phase III trial will also test AGS-003 in combination with Sutent in patients with renal cell carcinoma. Clinical trial enrollment is already underway. Argos expects to complete enrollment in the second half of the year. Overall survival data is expected in the first half of 2016.
Argos has applied to trade on the Nasdaq under the symbol “ARGS.”
