DURHAM, N.C. – Argos Therapeutics on Monday filed to go public with the goal of raising $60 million.
It’s the second time the company filed such an intention after filing to go public in 2012, but later withdrawing that bid.
Almost a year ago, company CEO Jeff Abbey targeted 2014 as the year to again return to the public markets saying at the time, “The challenge with the IPO … was that this Phase 3 trial, it’s three years until we get the final data,” referencing the kidney cancer candidate whose Phase 3, just this month, commenced enrollment.
The next milestone is the data. “Public investors, and especially in this environment, in biotech, are not willing to sit on an investment for three years,” Abbey said.
Argos is a biopharmaceutical company focused on the development and commercialization of therapies for the treatment of cancer and infectious diseases. It has various products in Phase 3 and Phase 2 trials; a Phase 3 trial is the most advanced. Bringing a drug to market can take up to a dozen years and cost as much as $1.2 billion, a figure that includes commercialization costs. The development of one of Argos’ products is being fully funded by the National Institutes of Health under a $40 million contract.
Since its inception on May 8, 1997, the company has spent nearly $200 million on research and development. In all, it has a total net loss of $138 million since then, including $16 million so far this year.
Argos, which intends to use the ticker symbol “ARGS” on the Nasdaq stock exchange, did not list an anticipated stock price.