Argos Therapeutics Announces $6,000,000 Secured Convertible Note Financing
June 16 2017 - 8:00AM
Argos Therapeutics, Inc. (Nasdaq:ARGS), an immuno-oncology company
focused on the development and commercialization of individualized
immunotherapies for the treatment of cancer and infectious diseases
based on the Arcelis® technology platform, today announced that it
entered into a note purchase agreement for the sale of a secured
convertible promissory note in the principal amount of $6,000,000
to Pharmstandard International S.A. in a private placement.
The sale of the Note is expected to close on June 21, 2017, subject
to the satisfaction of certain customary closing conditions.
The Note and the shares of common stock issued or issuable upon
conversion of the Note (together, the “Securities”) have not been
registered under the Securities Act of 1933, as amended or
applicable state securities laws, and accordingly may not be
offered or sold in the United States except pursuant to an
effective registration statement or an applicable exemption from
the registration requirements of the Securities Act and such
applicable state securities laws.The Company has agreed to file a
registration statement with the Securities and Exchange Commission
registering the resale of the shares of common stock issued or
issuable upon conversion of the Note.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy the Securities, nor shall there be
any sale of the Securities in any state in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of such state. Any offering
of the Securities under the resale registration statement will only
be by means of a prospectus.
About Argos Therapeutics
Argos Therapeutics is an immuno-oncology company focused on the
development and commercialization of individualized immunotherapies
for the treatment of cancer and infectious diseases using its
Arcelis® technology platform. Argos' most advanced product
candidate, Rocapuldencel-T, is being evaluated in the pivotal ADAPT
Phase 3 clinical trial for the treatment of metastatic renal cell
carcinoma (mRCC). In addition, Rocapuldencel-T is being studied in
a Phase 2 investigator-initiated clinical trial as neoadjuvant
therapy for renal cell carcinoma (RCC). Argos is also developing a
separate Arcelis®-based product candidate, AGS-004, for the
treatment of human immunodeficiency virus (HIV), which is currently
being evaluated in an investigator-initiated Phase 2 clinical trial
aimed at HIV eradication in adult patients.
Forward-Looking Statements
Any statements in this press release about Argos’ future
expectations, plans and prospects, including statements about the
expected and potential future closing of the private placement,
Argos’ financial prospects, anticipated use of proceeds, future
operations and sufficiency of funds for future operations, and
future expectations and plans and prospects for Argos and other
statements containing the words “believes,” “anticipates,”
“estimates,” “expects,” “intends,” “plans,” “predicts,” “projects,”
“targets,” “may,” “potential,” “will,” “would,” “could,” “should,”
“continue,” and similar expressions, constitute forward-looking
statements within the meaning of The Private Securities Litigation
Reform Act of 1995. Actual results may differ materially from those
indicated by such forward-looking statements as a result of various
important factors, including whether the conditions for the closing
of the private placement will be satisfied; whether Argos’ cash
resources will be sufficient to fund its continuing operations for
the period anticipated; whether the Company will be able to raise
additional financing on a timely basis; whether the Company will be
able to enter into arrangements with creditors; the impact of the
analysis of the data and discussions with the U.S. Food and Drug
Administration on the development of rocapuldencel-T; the impact of
the recommendation of the Independent Data Monitoring Committee on
the continuation of the ADAPT trial; whether results obtained in
clinical trials will be indicative of results obtained in future
clinical trials; whether Argos’ product candidates will advance
through the clinical trial process on a timely basis; whether the
results of such trials will warrant submission for approval from
the FDA or equivalent foreign regulatory agencies; whether
Argos’ product candidates will receive approval from regulatory
agencies on a timely basis or at all; whether, if product
candidates obtain approval, they will be successfully distributed
and marketed; whether Argos can successfully establish commercial
manufacturing operations on a timely basis or at all; and other
factors discussed in the “Risk Factors” section of Argos’ Form 10-Q
for the quarter ended March 31, 2017, which is on file with the
SEC, and in other filings Argos makes with the SEC from time to
time. In addition, the forward-looking statements included in this
press release represent Argos’ views as of the date hereof. Argos
anticipates that subsequent events and developments will cause
Argos’ views to change. However, while Argos may elect to update
these forward-looking statements at some point in the future, Argos
specifically disclaims any obligation to do so. These
forward-looking statements should not be relied upon as
representing Argos’ views as of any date subsequent to the date
hereof.
Media and investor contact:
Richard Katz, MD, MBA
Argos Therapeutics, Inc.
919-908-0687
rkatz@argostherapeutics.com