Argos Therapeutics Inc., biotechnology company headquartered in Durham, North Carolina, announced that a Hong Kong company purchased 7.5 million shares of stock for $1.5 million, according to a filing with the Securities and Exchange Commission.
The sale of the shares is expected to close on or before March 7.
The Hong Kong company, Lummy, is Argos’ partner for its most advanced product, Rocapuldencel-T, in China and other territories.
Rocapuldencel-T is being evaluated in a clinical trial for the treatment of metastatic renal cell carcinoma.
The Durham-based company has been struggling. Its stock price fell 65 percent in one day in February 2017, and the company has been not received Food and Drug Administration approval for any drug since its establishment in 1997.
Argos received $1.8 million in November 2017 as a result of TKC Properties selling a building in Durham County that housed one of the company’s facilities. The money allows the company to last through June.
Argos Therapeutics is an immuno-oncology company focused on the development and commercialization of individualized immunotherapies for the treatment of cancer and infectious diseases.
Argos stock closed Tuesday 17 cents. Its stock was down 1 cent to 16 cents in Wednesday afternoon trading.