Car­mot clos­es $15M round to ad­vance di­a­betes drug; Ar­gos board clears re­verse stock split, moves to small cap mar­ket

→ In a last-ditch ef­fort to stay on Nas­daq, Ar­gos Ther­a­peu­tics $ARGS is go­ing for a one-for-twen­ty re­verse stock split, ef­fec­tive af­ter the close of to­day. Start­ing to­mor­row, the Durham, NC biotech will al­so trans­fer its list­ing (un­der the same sym­bol) to the small cap Nas­daq Cap­i­tal Mar­ket from the mid cap Nas­daq Glob­al Mar­ket — which still re­quires a min­i­mum bid price of $1 but has low­er thresh­olds oth­er­wise. A de­vel­op­er of per­son­al­ized im­munother­a­py with a trou­bled clin­i­cal record, Ar­gos is cur­rent­ly trad­ing at $0.16. As part of the re­verse split, it may al­so is­sue cash pay­ments to stock­hold­ers to com­pen­sate for any frac­tion­al shares they are en­ti­tled to.

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