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Proceeds to be used to continue to advance development of Armata's phage product candidates
LOS ANGELES, March 12, 2025 /PRNewswire/ -- Armata Pharmaceuticals, Inc. (NYSE American: ARMP) ("Armata" or the "Company"), a clinical-stage biotechnology company focused on the development of high-purity pathogen-specific bacteriophage therapeutics for the treatment of antibiotic-resistant and difficult-to-treat bacterial infections, today announced that it has entered into a secured credit agreement with Innoviva Strategic Opportunities LLC, a wholly-owned subsidiary of Innoviva, Inc. (Nasdaq: INVA) (collectively, "Innoviva"), Armata's largest shareholder. The gross proceeds to be received by the Company at closing are $10 million before deducting transaction-related expenses.
Proceeds from the new financing transaction will be used to advance the Company's lead therapeutic phage candidates, including AP‐PA02 and AP‐SA02, which target infections caused by Pseudomonas aeruginosa and Staphylococcus aureus, respectively.
"Innoviva continues to be an instrumental partner to Armata in support of our mission, the clinical development of our two lead phage cocktails, AP-PA02 and AP-SA02, and our committed team," stated Dr. Deborah Birx, Chief Executive Officer of Armata. "This financing will enable Armata to readout its Phase 1b/2a trial in acute Staphylococcus aureus bacteremia, which represents the first clinical trial for AP-SA02, and to prepare the Company for an end-of-Phase 2 meeting with the FDA in support of further clinical inquiry including a potential pivotal trial. I would like to thank the Innoviva team for their continued support. We are continuing to pursue additional sources of funding, including non-dilutive sources, to support our late-stage clinical trials."
The secured credit agreement provides for a secured term loan facility in an aggregate amount of $10 million at an interest rate of 14.0% per annum with a maturity date of March 12, 2026.
The Company and Innoviva also entered into amendments to the three credit and security agreements previously entered into, in order to, among other things, extend the maturity dates under such agreements to March 12, 2026.
About Armata Pharmaceuticals, Inc.
Armata is a clinical-stage biotechnology company focused on the development of high-purity pathogen-specific bacteriophage therapeutics for the treatment of antibiotic-resistant and difficult-to-treat bacterial infections using its proprietary bacteriophage-based technology. Armata is developing and advancing a broad pipeline of natural and synthetic phage candidates, including clinical candidates for Pseudomonas aeruginosa, Staphylococcus aureus, and other pathogens. Armata is committed to advancing phage therapy with drug development expertise that spans bench to clinic including in-house phage-specific cGMP manufacturing to support full commercialization.