Argos Therapeutics, Inc. (NASDAQ:ARGS) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of ListingItem 5.02. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On April 23, 2018, Argos Therapeutics, Inc. (the “Company”) received a notification from The Nasdaq Stock Market LLC (“Nasdaq”) indicating that, as the Company had informed the Nasdaq Hearing Panel (the “Panel”) that it would be unable to meet the stockholders’ equity requirement for continued listing as of April 24, 2018, the Panel determined to delist the Company’s common stock from The Nasdaq Capital Market and will suspend trading in the Company’s common stock effective at the open of business on April 25, 2018. Nasdaq further indicated that it will file a Form 25 Notification of Delisting with the Securities and Exchange Commission (the “SEC”).
The Company has filed an application to transfer trading and quotation of its common stock to the OTCQB® Venture Market, operated by OTC Markets Group Inc., under its current trading symbol "ARGS," effective as of April 25, 2018. This transition to the OTCQB will not affect the Company's business or operations. The Company will continue to file periodic and other required reports with the SEC under applicable federal securities laws.
Item 5.02. Departure of Directorsor Principal Officers; Election of Directors; Appointment of Principal Officers.
On April 19, 2018, Sander van Deventer voluntarily resigned from the Company’s Board of Directors (“the Board”), effective as of that date. There were no disagreements between Dr. van Deventer and the Company or any officer or director of the Company which led to Dr. van Deventer’s resignation. Dr. van Deventer had served on the Board since 2001, and did not serve on any committees of the Board at the time of his resignation.
Item 5.02. Other Events.
On April 20, 2018, the Company completed the sale, in a private financing, of 375,000 shares of its common stock to Lummy (Hong Kong) Co., Ltd. (“Lummy”) for an aggregate purchase price of $0.45 million. The Company had previously reported the agreement with Lummy for the sale. In addition, to an amendment to the Company’s license agreement with Lummy, Lummy paid the Company a milestone of $1.05 million.
About Argos Therapeutics, Inc. (NASDAQ:ARGS)
Argos Therapeutics, Inc. (Argos) is an immuno-oncology company. The Company is focused on the development and commercialization of individualized immunotherapies for the treatment of cancer and infectious diseases based on its technology platform called Arcelis. The Company’s Arcelis technology platform utilizes biological components from a patient’s own cancer cells or virus to generate individualized immunotherapies. The Company is engaged in the development of AGS-003 for the treatment of metastatic renal cell carcinoma (mRCC), and other cancers. It is conducting a pivotal Phase III clinical trial of AGS-003 plus sunitinib or another targeted therapy for the treatment of newly diagnosed mRCC under a special protocol assessment (SPA). It is engaged in the development of AGS-004 for the treatment of Human Immunodeficiency Virus (HIV). It has conducted over three clinical trials of AGS-004, including a Phase IIb clinical trial, Phase IIa clinical trial and Phase I clinical trial.