Armata Pharmaceuticals announced details of an additional secured credit agreement with Innoviva Strategic Opportunities, the company’s largest shareholder. Armata said that it will pay interest at a 14% annual rate on the $10 million loan which matures on March 12, 2026. According to the announcement, the funds will be used for continued development of candidates including AP-PA02 nebulized phage therapy for the treatment of chronic P. aeruginosa lung infections in cystic fibrosis patients.
In addition to Innoviva, the Cystic Fibrosis Foundation has also previously invested in Armata to support development of AP-PA02 for lung infections in CF patients. The company is also developing AP-PA02 for the treatment of lung infections in patients with non-cystic fibrosis bronchiectasis (NCFB).
Armata CEO Deborah Birx commented, “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. . . . 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.”
Read the Armata Pharmaceuticals press release
