Argos Therapeutics Inc., a biotechnology company headquartered in Durham, North Carolina, now has enough cash to last it through June 2018, according to a filing Tuesday with the Securities and Exchange Commission.
The company has received $1.8 million as a result of TKC Properties selling a building in Durham County that housed one of Argos facilities.
The TKC sale to a third-party buyer also means that Argos will no longer need to maintain restricted cash of $700,000 previously required as a security deposit under the lease agreement. Argos fully consented to the sale.
The building was previously going to be used as Argos’ primary manufacturing facility of the company’s individualized immunotherapy treatment for cancer.
In addition, the company also raised $6.8 million from its at-the-market stock issuance facility with Cowen & Co. at the close of the third quarter on Sept. 30.
Argos Therapeutics began with co-founder and Nobel Prize winner Dr. Ralph Steinman discovering a method of generating dendritic cells to aid the immune system at Rockefeller University. The goal of the company is continuing developing immunotherapies to treat cancer using its Arcelis technology.
The Argos stock price is at 17.2 cents, down 4.4 percentage points from 18 cents at the time of this writing.