Argos Therapeutics, thwarted in its plans to go public with a stock offering, has raised $25 million in additional venture capital.
New backer Forbion Capital led the round, which was announced Tuesday.
Also participating were existing investors Intersouth Partners and Aurora Funds as well as others.
The funds will be used to finance a Phase 3 clinical trial of its lead product that targets metastatic renal cell carcinoma – a form of kidney cancer – which has already received ‘fast track” status from the U.S. FDA.
The Phase 3 trial will involve 450 patients at some 100 clinical study sites across the U.S., North America and Europe.
The compound to be tested, known as AGS-003, was developed with Argo’s proprietary Arcelis immunotherapy technology.
Last month, Argos withdrew its plans for an IPO that could have been worth nearly $80 million.
In a filing with the SEC, Chief Executive Officer Jeffrey Abbey cited “market conditions” as the reason.