MARINA DEL REY, Calif. - 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, announced financial results for its fourth quarter and full year 2021 and provided a corporate update.

Fourth Quarter 2021 and Recent Developments:

Entered into a $45 million equity financing with a subsidiary of Innoviva, Inc., Armata's largest shareholder.

Optimized AP-PA02 through the addition of two additional phage genera that provide coverage of at least 90% of tested Pseudomonas aeruginosa cystic fibrosis clinical isolates; the enhanced cocktail has advanced into the multiple ascending dose cohorts of the SWARM-P.a. study.

Announced clearance of an investigational new drug (IND) application to initiate a Phase 2 clinical trial of AP-PA02 in non-cystic fibrosis bronchiectasis (NCFB). Upon initiation in 2022, the trial will represent the company's third clinical program in a distinct indication.

Announced that AP-PA03, which is being developed as a potential treatment for pneumonia, has advanced to manufacturing.

Initiated Phase 1b/2 clinical trial (diSArm study) evaluating AP-SA02 as a potential treatment for Staphylococcus aureus bacteremia.

Achieved $2 million milestone under Cystic Fibrosis Foundation Therapeutics Development Award related to the Phase 1b/2a SWARM-P.a. clinical trial. This milestone brings the total to $3,750,000 achieved under the Award. In addition, in October, the CF Foundation made a $3 million equity investment in Armata.

Entered into a lease for a 56,000 square foot facility and are building out state-of-the-art R&D labs and GMP manufacturing clean suites.

'During the fourth quarter and early part of 2022, we made significant progress in our existing clinical programs in P. aeruginosa and S. aureus, and also made great strides expanding our pipeline to include non-cystic fibrosis bronchiectasis, prosthetic joint infections and pneumonia as well,' stated Dr. Brian Varnum, Chief Executive Officer of Armata. 'Importantly, our new state-of-the-art R&D and GMP manufacturing facility will greatly expand our capacity to support future clinical studies and potential commercial launches. This also positions us to evaluate partnerships and collaborations that may be in the best long-term interests of our Company and our shareholders. With the recent investment by Innoviva, we are well capitalized, and I believe we have set the stage for a catalyst rich 2022 and beyond with line of sight to meaningful clinical milestones.'

About Armata Pharmaceuticals, Inc.

Armata is a clinical-stage biotechnology company focused on the development of pathogen-specific bacteriophage therapeutics for the treatment of antibiotic-resistant and difficult-to-treat bacterial infections using its proprietary bacteriophage-based technology. Armata is developing and advancing a broad pipeline of natural and synthetic phage candidates, including clinical candidates for Pseudomonas aeruginosa, Staphylococcus aureus, and other pathogens. In addition, in collaboration with Merck, known as MSD outside of the United States and Canada, Armata is developing proprietary synthetic phage candidates to target an undisclosed infectious disease agent. Armata is committed to advancing phage with drug development expertise that spans bench to clinic including in-house phage specific GMP manufacturing.

Forward Looking Statements

This communication contains 'forward-looking' statements, including, without limitation, statements related to Armata's bacteriophage development programs, Armata's ability to set up or operate R&D and manufacturing facilities, Armata's ability to meet expected milestones, Armata's ability to be a leader in the development of phage-based therapeutics, and statements related to the timing and results of clinical trials, including the anticipated results of clinical trials of AP-PA02 and AP-SA02, and Armata's ability to develop new products based on bacteriophages and synthetic phages. Any statements contained in this communication that are not statements of historical fact may be deemed to be forward-looking statements. These forward-looking statements are based upon Armata's current expectations. Forward-looking statements involve risks and uncertainties. Armata's actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation, risks related to the ability of Armata's lead clinical candidates, AP-PA02 and AP-SA02, to be more effective than previous candidates; Armata's ability to expedite development of AP-PA02; Armata's ability to advance its preclinical and clinical programs and the uncertain and time-consuming regulatory approval process; Armata's ability to develop products based on bacteriophages and synthetic phages to kill bacterial pathogens; the Company's expected market opportunity for its products; Armata's ability to sufficiently fund its operations as expected, including obtaining additional funding as needed; and any delays or adverse events within, or outside of, Armata's control, caused by the ongoing COVID-19 pandemic. Additional risks and uncertainties relating to Armata and its business can be found under the caption 'Risk Factors' and elsewhere in Armata's filings and reports with the SEC, including in Armata's Annual Report on Form 10-K, filed with the SEC on March 17, 2022, and in its subsequent filings with the SEC.

Armata expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Armata's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based.

Contact:

Media

Armata

Steve Martin

Armata Pharmaceuticals, Inc.

E: ir@armatapharma.com

T: 858-800-2492

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