Business

August 22, 2014

Argos leases Durham County land for new building

Argos Therapeutics has leased 11 acres of land in Durham County where it plans to build a 97,500-square-foot building, the company reported in a regulatory filing this week.

Argos Therapeutics has leased 11 acres of land in Durham County where it plans to build a 97,500-square-foot building, the company reported in a regulatory filing this week.

The building is to be both the company’s corporate headquarters and its main manufacturing facility. Argos has entered into a 10-lease, paying $61,750 per month.

Earlier this month Argos was awarded $925,000 in incentives from Durham County and $924,676 in incentives from the city of Durham for the project.

Argos doesn’t have any drugs on the market. The company has two products undergoing trials, one a treatment for a form of kidney cancer and the other for HIV. The new drugs are expected to also be effective for a range of cancers and infectious diseases.

Argos completed an initial public offering of stock in February, raising $45 million after going public at $8 a share.

Argos' plans for the new building include a $41 million capital investment that should lead to 236 new jobs by 2018 with an average wage of $90,725 plus benefits.

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