Argos Therapeutics Inc. (NASDAQ:ARGS)
Shares of Argos Therapeutics Inc. (NASDAQ:ARGS) fell 8.76% after the immuno-oncology company announced a receipt of $1.5 million milestone payment from Lummy Co Ltd. The payment pertains to a technology transfer for the manufacturing of Rocapuldencel-T.
Argos 90% Drop
Rocapuldencel-T is the company’s most advanced product candidate, currently in Phase 3 clinical trial for the treatment of metastatic renal cell carcinoma.
“We appreciate Lummy’s continued commitment to Argos and the Rocapuldencel-T development program,” stated Jeff Abbey, CEO of Argos. “Given the complexity of the manufacturing process for Rocapuldencel-T, we were pleased to complete this important milestone in our alliance.
Argos Therapeutics Inc. (NASDAQ:ARGS) remains subdued after feeling the full effect of selling pressure since the start of the year. The stock has shed more than 90% of its total market value this year, as it continues to trade in a strong downtrend. It faces immediate support at $0.14, below which it could drop to its 52-week low of $0.14.
Argos Therapeutics Inc. (NASDAQ:ARGS) will announce its third quarter financial results for the three months ended September 30, 2017, on November 9, 2017. The financial results could have an impact on the direction of trade of the stock, depending on its outcome.
The immuno-oncology company is to provide an update on ongoing Phase 3 ADAPT clinical trial evaluating the use of Rocapuldencel-T for the treatment of metastatic renal cell carcinoma. Argos Therapeutics enrolled a total of 462 patients into the trial.
In addition to Rocapuldencel-T, Argos Therapeutics Inc. (NASDAQ:ARGS) is also developing a separate Arcelis-based product candidate AGS-004 for the treatment of human immunodeficiency virus. The candidate drug is currently being evaluated in combination with vorinostat, a latency reversing drug. The Nation Institute of Health has provided a portion of the funding for the candidate drug’s development.
Separately, Argos Therapeutics Inc. (NASDAQ:ARGS) has appointed Richard Morrison to its board of directors. He will serve as a Class III director and in the audit committee. Morrison joins the company with vast experience in the pharmaceutical and finance industry.
“Dick has considerable pharmaceutical industry and financial expertise, and we look forward to the benefit of his experience as we seek to advance our novel pipeline of individualized immunotherapies directed at important diseases, including metastatic renal cell carcinoma and HIV,” said Chairman, Hubert Birner.
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
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About the author: Steve Clark is a 23-year Wall St professional with stints in M&A, risk management, and algorithm trading. Steve keeps his head in the game by looking for, and writing about, small companies that often get overlooked by the big investment firms.