Argos Hits $45M in IPO
Argos Therapeutics has joined the growing ranks of companies bootstrapped by North Carolina Biotechnology Center funding that have gone on to become publicly traded.
.The Durham company, which explored, then dropped plans for an initial public offering of stock in 2012, hit the NASDAQ market at $8 a share today under the symbol ARGS, raising $45 million out of the chute.
The company is a Duke University spinout started with help from a $10,000 NCBiotech Business Development Loan in 1998. It’s developing what it calls "breakthrough immunotherapies that target the unique features of a patient's disease."
Its proprietary ADAPT therapy candidates are based on the biology of dendritic cells -- the master switches that turn the immune system on and off. The company hopes to use its platform technology against cancer, HIV and autoimmune disorders.
The company had raised $60 million in five rounds of funding prior to its successful trip to the trading floor.