Cystic Fibrosis Foundation Makes Equity Investment in Armata Pharmaceuticals
Oct. 28, 2021
In accordance with the terms of the investment agreement, the CF Foundation has elected to make a $3.0 million equity investment in common stock of Armata. Innoviva, a significant Armata shareholder, has also elected to invest $4.0 million at the same terms. Armata intends to register the shares to be issued in this financing within 120 days.
Armata is currently evaluating its lead clinical candidate, AP-PA02, in a Phase 1b/2a clinical trial (SWARM-P.a.) for chronic Pseudomonas aeruginosa respiratory infections in people with cystic fibrosis (“CF”). This investment follows a $5.0 million Therapeutics Development Award from the CF Foundation in March 2020.
“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,” stated Mina Pastagia, MD, MS, Vice President of Clinical Development at Armata. “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,” stated Dr. Brian Varnum, Chief Executive Officer of Armata. “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.”