Argos

Client Profile:

Founded in Durham, North Carolina in 1997, Argos Therapeutics, Inc. (“Argos” or the “Company”) is an immunotherapy company focused on the development of individualized immunotherapies for the treatment of cancer and infectious diseases. Argos operates a state-of-the-art R&D and manufacturing facility and has an extensive portfolio of patents and patent applications. The Company developed the Arcelis platform, a precision immunotherapy technology platform designed to overcome immunosuppression to treat a wide range of various cancers and other diseases.

Situation:

After two decades of refining its technology and processes, Argos faced liquidity challenges after terminating a Phase III clinical trial in kidney cancer and was moved from the NASDAQ exchange to the OTCQB Venture Market. In order to preserve the value of its assets, Argos filed for protection under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware in November 2018.

Solution:

SSG was retained by Argos to conduct a comprehensive marketing process and solicit offers for the Company. The process attracted significant interest that resulted in three qualified bids, including a stalking horse bidder for the Company’s assets. After an active auction with numerous rounds of bidding, the joint bid from South Korean companies SCM Lifescience and Genexine proved to be the most compelling offer, leading to an optimal outcome for the Company and its stakeholders.