Durham-based Argos Therapeutics narrowed its third-quarter loss as the drug developer awaits clinical trial results on its kidney cancer therapy.
The 118-employee company cut its quarterly net loss to $12.2 million from a net loss of $20.1 million a year ago. Third-quarter revenue was $146,756, down slightly from $158,349 a year ago. Argos’s revenue source is the National Institutes of Health, which is funding one of the company’s clinical trials.
Argos is developing AGS-003 to treat advanced renal cell carcinoma and expects clinical trial results in the first half of 2017. The drug is being tested in a clinical trial involving 462 people.
Additionally, the first patient was dosed in July with AGS-004, a drug being developed to cure HIV, which the company is testing with researchers at UNC-Chapel Hill with NIH funding. The current HIV treatments suppress the virus but do not eradicate it.
Without an available cure, people infected with HIV have to take drugs for life to stay alive, but otherwise can lead healthy lives. Left untreated, the virus exposes patients to potentially deadly infections.
Argos’ experimental treatment, AGS-004, is a personalized immunotherapy using DNA from the patient’s own particular virus to trigger an immune response against that virus. Argos developed a personalized HIV therapy because the virus mutates so often that it is believed no two people are infected by an identical HIV strain.
Argos was founded in 1999 and doesn’t have any drugs on the market. The company employs 115 at its Durham headquarters after laying off 13 percent of staff earlier this year to conserve cash.
Argos shares closed at $4.85 Monday, up 5 cents. The shares are up 110 percent this year.