Argos plowing ahead

Argos vows to start Phase III in renal cancer despite pulling IPO

Argos Therapeutics Inc. is being coy about its financing plans after withdrawing its planned IPO on NASDAQ due to market conditions. But the company says it is going ahead next quarter with a $40-$50 million Phase III trial of its immunotherapy in renal cell carcinoma, even though its bank balance at Dec. 31 was just $2 million.

Argos was hoping to sell 5.3 million shares at $13-$15 in a deal underwritten by Lazard; Canaccord; BMO Capital Markets; and Needham. A $14 price would have raised $73.5 million and valued the company at $215.2 million.

Some existing shareholders had planned to purchase up to $20 million in the IPO and a key question is whether they'll

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