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Armata Pharmaceuticals Announces New Financing and Leadership Transition to Accelerate Novel Bacteriophage Therapeutics
Signs new $25 million credit agreement and extension of existing secured convertible credit agreement Appoints world‐renowned healthcare leader Dr. Deborah L.
About this update from Innoviva, Inc.
[{"type":"text","content":"Signs new $25 million credit agreement and extension of existing secured convertible credit agreement\nAppoints world‐renowned healthcare leader Dr. Deborah L. Birx as Chief Executive Officer\nMARINA DEL REY, Calif., July 11, 2023 /PRNewswire/ -- Armata Pharmaceuticals, Inc. (NYSE American: ARMP) (\"Armata\" or the \"Company\"), a biotechnology company focused on pathogen‐specific bacteriophage therapeutics for antibiotic‐resistant and difficult‐to‐treat bacterial infections, today announced that it has entered into a credit and security agreement with Innoviva Strategic Opportunities LLC, a wholly‐owned subsidiary of Innoviva, Inc. (Nasdaq: INVA) (collectively, \"Innoviva\"). The gross proceeds of the credit agreement at closing are $25 million before transaction‐related expenses. Armata also announced today a leadership transition whereby Dr. Deborah L. Birx will succeed Dr. Brian Varnum as the Chief Executive Officer of the Company, effective immediately. Dr. Birx will also join Armata's Board of Directors.\n\n \n \n \n \n \n \n\n \nNew Financing\nProceeds from the $25 million new financing transaction will be used to advance the Company's pipeline of therapeutic phage candidates, including AP‐PA02 and AP‐SA02, which target infections caused by Pseudomonas aeruginosa and Staphylococcus aureus, respectively. The Company will also use funds to complete the build‐out of its state‐of‐the‐art cGMP manufacturing facility. The new facility will provide the Company with the manufacturing capacity to pursue strategic partnering opportunities while in parallel executing late‐stage clinical trials leveraging the Company's core strength in advanced biologics manufacturing.\nIn addition, Armata today announced that it has also executed an amendment to its senior convertible credit and security agreement with Innoviva, extending the maturity date to January 10, 2025.\nChief Executive Officer Transition\nArmata also announced today a leadership transition whereby Dr. Deborah L. Birx will succeed Dr. Brian Varnum as Chief Executive Officer of the Company, effective immediately.\nRobin C. Kramer, Chair of Armata's Board of Directors, commented, \"On behalf of the Armata Board and leadership, I would like to welcome Dr. Birx to the team. As we continue to work to introduce novel phage therapeutics to combat serious bacterial infections, Debora...