Durham drug-development company Argos Therapeutics is expected to make an initial public offering of stock this week.
The company has said in regulatory filings that it hopes to raise as much as $78.8 million.
Argos is in need of cash. Its latest filing with the Securities and Exchange Commission reports that it had $2 million in cash as of Dec. 31, leaving "substantial doubt about our ability to continue as a going concern" without an infusion of cash.
A successful IPO would provide the company with sufficient funds to continue its drug-development efforts through the second half of 2014, the company reported.
Argos' only source of revenue is a federal research contract. Last year it posted a $21 million loss on $7.6 million in revenue. In July the company disclosed it had targeted raising as much as $86.3 million in an IPO.
Its latest SEC filing reports that it anticipates selling 5.25 million shares at between $13 and $15 per share, which would raise between $68.3 million and $78.8 million before deducting expenses.
The 57-employee company is developing experimental medicines to treat kidney cancer and other diseases.
Argos has raised $89 million from private investors, including Triangle venture capital firms Aurora Funds and Intersouth Partners.
If successful, Argos would be the second Triangle company to go public this year.
Pharmaceutical company Cempra went public in early February, raising nearly $48 million.
That was considerably lower than the nearly $90 million the Chapel Hill company had said it hoped to raise in earlier regulatory filings. Cempra sold 8.4 million shares at $6 per share, well below the $11 to $13 price range the company expected.
Cempra shares are up about 21 percent since they began trading.