aibioArmata Pharmaceuticals signs $10 million loan from largest holder Innoviva at 14.0%
The secured term loan matures on March 12, 2026. Armata also pushed back the maturity of three earlier Innoviva credit agreements to the same date.
Key facts
- Companies
- Armata Pharmaceuticals, Inc. (AMEX: ARMP), Innoviva, Inc. (NASDAQ: INVA)
- News type
- Debt Financing
- Primary source
- Armata Pharmaceuticals, Inc. 8-K (2025-03-12)
Armata Pharmaceuticals, Inc. (NYSE American: ARMP) entered into a $10 million secured credit agreement with Innoviva Strategic Opportunities LLC, a subsidiary of Innoviva, Inc. (Nasdaq: INVA), the company said in a press release dated March 12, 2025. Innoviva is Armata's largest shareholder.
The agreement provides a secured term loan facility of $10 million at an interest rate of 14.0% per annum, maturing on March 12, 2026. Armata expects gross proceeds of $10 million at closing, before transaction-related expenses.
The two companies also amended the three credit and security agreements they had signed earlier. Among other things, the amendments extend the maturity dates under those agreements to March 12, 2026.
Armata said the money will advance its lead candidates AP-PA02 and AP-SA02, which target Pseudomonas aeruginosa and Staphylococcus aureus infections.
Chief Executive Officer Dr. Deborah Birx said the financing will let Armata read out its Phase 1b/2a trial in acute Staphylococcus aureus bacteremia and prepare for an end-of-Phase 2 meeting with the FDA. She said, "We are continuing to pursue additional sources of funding, including non-dilutive sources, to support our late-stage clinical trials."