Argos Therapeutics, which recently received a $21 million grant for HIV research, has raised $5 million in debt financing to help pay for ongoing clinical trials.

Silicon Valley Bank and Oxford Finance Corporation are providing the funding through a three-year agreement.

Argos has three clinical trials underway, a Phase II for renal cell carcinoma, a Phase I and II for a form of leukemia and a Phase I for an HIV and cancer immunotherapy therapy.

The HIV candidate is a personalized treatment based on an individual’s dendritic cells, which are part of the immune system.

“These resources provide Argos with additional flexibility with respect to financing the advancement of our pipeline of personalized immunotherapy candidates,” said John Bonfiglio, chief executive officer of Argos. “In 2007 we expect to report durable response data from our chronic lymphocytic leukemia trial, as well as immune response and safety data from our HIV trial.”

Bonfiglio recently joined Argos as CEO. He is a former chief executive officer of California-based Immune Response Corporation.

Argos recently received a $21 million contract from the National Institutes of Health to develop therapies for combating HIV. Argos, which changed its name from Merix, bases its technology on the human immune system.

Argos has raised more than $53 million in venture capital. Local investors include The Aurora Funds and Intersouth Partners.

The company launched the HIV trial in February.