Argos Therapeutics has withdrawn its plans for an IPO that could have been worth nearly $80 million.
In a filing with the SEC on Tuesday, Chief Executive Officer Jeffrey Abbey cited “market conditions” as the reason.
The filing reads:
“Pursuant to Rules 477(a) and (b) promulgated under the Securities Act of 1933, as amended (the “Securities Act”), Argos Therapeutics, Inc. (the “Company”) hereby requests that the Securities and Exchange Commission (the “Commission”) consent to the withdrawal, effective as of the date hereof, of the Company’s Registration Statement on Form S-1 (File No. 333-175880) (the “Registration Statement”).
“The Company requests withdrawal of the Registration Statement because it does not intend to conduct the offering of shares of Common Stock contemplated in the Registration Statement at this time due to market conditions. The Company confirms that no securities of the Company have been sold under the Registration Statement.
“The Company hereby withdraws its application for confidential treatment filed with the Commission on July 29, 2011. The Company’s confidential treatment application requested confidential treatment for certain agreements filed as exhibits to Registration Statement. In connection with the withdrawal of the Company’s confidential treatment application, the Company grants the Commission the right to destroy the unredacted agreements.”
The Durham-based biopharmaceutical firm filed revised IPO plans with the SEC two weeks ago.
The venture capital-backed firm estimated an IPO price of between $13 and $15 per share. Some 5.25 million shares were to be offered.
Shares would have traded on the Nasdaq under the symbol ARGS.
Argos first filed for an IPO last July with a target price of $86 million.
The company is backed by local venture capital firms Intersouth Partners and Aurora Funds.
Argos is focused on development of drugs that are based on individualized treatment. Targeted therapies for HIV, cancer and other infectious diseases are underway.
Proceeds from the IPO would have been used to fund further clinical trials, the company said in the filing.
In the filing, Argos reported losses of $21 million in 2011, $9.1 million in 2010, $10 million in 2009 and $13.3 million in 2008.
Lazard Capital Markets and Canaccord Genuity were handling the IPO for Argos.
Argos’ proprietary technology is called Arcelis that focuses on an individual’s immune system. Its most advanced compounds focus on treatment of metastatic renal cell carcinoma and HIV.
Research on the HIV treatment is being funded in large part by a $21 million contract Argos received from the National Institutes of Health in 2006.
Argos has raised some $88 million from investors.
Get the latest news alerts: Follow WRAL Tech Wire at Twitter.
