Durham-based Argos (Nasdaq:ARGS) Therapeutics priced its pubic offering of shares to raise $48 million. The company saw its share price fall 16 percent after disclosing it would sell the shares Wednesday.

The company said it will sell just over 9 million shares at $5.50 a share.

The company, which is developing an innovative cancer treatment is in a Phase 3 trial.

It cut is work force by 13 percent earlier this year.