Armata Pharmaceuticals Inc. (NYSEAMERICAN: ARMP) has announced that the Cystic Fibrosis Foundation has offered it an equity investment with the participation of Innoviva Inc.’s subsidiary Innoviva Strategic Opportunities LLC.
CF Foundation invests $3 million in Armata common shares
The CF Foundation has chosen to make a $3.0 million equity investment in Armata common stock as per the provisions of the investment agreement. Innoviva, a major Armata stakeholder, has chosen to invest $4.0 million under the same conditions. Within 120 days, Armata plans to register the shares that will be issued as part of this financing.
Armata is now testing their flagship clinical candidate, AP-PA02, in Phase 1b/2a clinical trial (SWARM-P.a.) in persons with cystic fibrosis for chronic Pseudomonas aeruginosa respiratory infections (“CF”). In addition, the company is developing a pipeline of synthetic and natural phage clinical candidates targeting Staphylococcus aureus, Pseudomonas aeruginosa, and other pathogens. Also, the company has partnered with Merck to develop a novel; synthetic phase for an undisclosed infectious disease. The financing comes after the CF Foundation awarded a $5.0 million Therapeutics Development Award in March 2020.
AP-PA02 a cocktail targeting Pseudomonas aeruginosa
Mina Pastgia, VP of Clinical Development, said, “Difficult-to-treat pathogens such as Pseudomonas aeruginosa represent a significant source of morbidity and mortality among people with CF, highlighting the urgent need for more effective treatment alternatives. AP-PA02 is a multi-phage cocktail directed against Pseudomonas aeruginosa that offers enhanced potency and aid in preventing the development of bacterial resistance. We look forward to results from the SWARM-P.a. study as we work to quickly and efficiently bring new therapeutic options to market.”
We are pleased by this investment by the CF Foundation as we endeavor to develop new, innovative therapies for difficult-to-treat bacterial infections for cystic fibrosis. We could not ask for a better supporter of our research than the CF Foundation, and we look forward to continuing this mutually beneficial relationship,” stated Dr. Brian Varnum, Chief Executive Officer of Armata.
