Moscow, August 27, 2013 – Pharmstandard OJSC (LSE: PHST LI, MICEX-RTS: PHST RU) (“Pharmstandard” or/and the “Company”) announces that its subsidiary Pharmstandard International S.A.(Luxembourg) (“Pharmstandard Int.”) has purchased 9,214,233 Series E Preferred Shares and 1,417,571 Warrants of Argos Therapeutics Inc. (“Argos”) for the amount of US$12m for the purpose of financing the ongoing ADAPT pivotal Phase 3 clinical study of AGS-003 for metastatic renal cell carcinoma (mRCC). Total consideration for the purchase for Pharmstandard Int. is US30m and is planned in 3 tranches. The last US$6m tranche is conditional to positive results in Argos’ Product Phase 3 clinical study. The total sum of financing for the first tranche secured by Argos for this clinical study amounts to US$42.5m.
Pharmstandard Int. was represented by Inbio Ventures – a management company that provides professional support for drug development activities in Russia and overseas. Alexandr Shuster, President of Inbio Ventures, said, “Our investment in Argos is a major component of the globalization of Pharmstandard’s operations and its focus on identifying innovative cell-based therapies. Immunotherapy is increasingly recognized as a treatment that will represent a new paradigm in the management of cancer. We were impressed with the Argos science, management team and progress of its clinical trials in both cancer and HIV.”
Pharmstandard International S.A. - a holding company fully committed by Pharmstandard – is aimed to make venture investments in pharmaceutical companies based in North America and Europe with strategic focus on innovative drugs with a strong potential to cover yet unmet medical needs in Russia and CIS countries.
Argos Therapeutics is a biopharmaceutical company focused on the development and commercialization of fully personalized immunotherapies for the treatment of cancer and infectious diseases using its Arcelis™ technology platform. Argos´ most advanced product candidate AGS-003 has initiated a Phase 3 study for the treatment of mRCC, and the Company plans to have data from its Phase 2b study of AGS-004 for the treatment of HIV in the first half of 2014. For more information about Argos Therapeutics, visit www.argostherapeutics.com.
Tel. (495) 970-0030 ext.2824
Fax (495) 970-0032