Argos Therapeutics has raised another $17.5 million from investors, raising its latest funding round to $60 million.
The company was unable to execute an IPO in 2012, but it continues to be successful in raising financing.
Argos landed investors from Russia and Korea as it looks to bring its personalized cancer immunotherapy to market as part of an earlier close in the current Series E round that was announced in August.
Intersouth Partners and Aurora Funds of Durham participated earlier in the round.
“The additional $17.5 million investment represents additional commitments from current Argos investors and one new investor,” Argos said in a statement Wednesday.
The money will be used in a Phase 3 clinical trial of a treatment for metastatic renal cell carcinoma.
“This funding further strengthens our ability to advance our ADAPT clinical trial. In addition, the company is now better positioned to consider and pursue a range of options to support our global manufacturing and commercialization plans based on the potential of our Arcelis™ technology platform,” said Jeff Abbey, Argos’ chief executive officer.
The new investor was not disclosed.
Argos currently is testing the cancer therapy in Phase 3 clinical trial. Known as AGS-003, it is being tested at numerous cancer centers in the United States and Canada. In June, Argos said sites would be added in Europe and Israel.
According to FireBiotech, Russia-based Pharmastandard International led the financing with a $30 million commitment. In exchange, it received drug rights in Russia.
Green Cross Corporation in South Korea also participated and gain rights to the treatment in that country.
Just a year ago, Argos raised nearly $16 million,
The new funding came just before Argos announced it had received two U.S. patents, allowance for another and one patent in Europe for its “fully personalized immunotherapies for the treatment of cancer and infectious disease.”
Argos also raised $25 million shortly after withdrawing its IPO plans in April 2012.
The company has an experimental lupus treatment that has shown promise in early stage clinical trials.
