LOS ANGELES - Armata Pharmaceuticals (NYSE:ARMP), Inc. (NYSE American: ARMP), a biotech firm specializing in bacteriophage-based treatments for antibiotic-resistant infections, announced today a $35 million credit agreement with Innoviva Strategic Opportunities LLC, a subsidiary of Innoviva, Inc. (Nasdaq: INVA).
The secured term loan, which carries a 14% annual interest rate and matures on June 4, 2025, will support the clinical development of Armata's phage therapy candidates.
The financing is earmarked for advancing Armata's lead therapeutic candidates, AP-PA02 and AP-SA02, which are designed to combat infections caused by Pseudomonas aeruginosa and Staphylococcus aureus, respectively. According to Armata's CEO, Dr. Deborah Birx, the funds will enable the company to complete enrollment in two ongoing Phase 2 trials and prepare for two pivotal Phase 3 trials.
The loan is guaranteed by Armata's domestic subsidiaries and secured by most of the company's and the guarantors' assets. Dr. Birx praised Innoviva's continued partnership and expressed confidence in the company's clinical progress and the distinctive purity and specificity of its phage candidates.
Armata Pharmaceuticals focuses on developing bacteriophage therapeutics for difficult bacterial infections, with a pipeline that includes natural and synthetic phage candidates. The company's approach involves a "cocktail" method, which has shown a favorable safety and tolerability profile in clinical evaluations.
The information in this article is based on a press release statement from Armata Pharmaceuticals.
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