Armata Pharmaceuticals, Inc. announced that it has entered into a credit and security agreement with Innoviva Strategic Opportunities LLC, a wholly-owned subsidiary of Innoviva, Inc. The gross proceeds of the credit agreement at closing are $25 million before transaction-related expenses. Proceeds from the $25 million new financing transaction will be used to advance the Company's pipeline of therapeutic phage candidates, including AP-PA02 and AP-SA02, which target infections caused by Pseudomonas aeruginosa and Staphylococcus aureus, respectively. The Company will also use funds to complete the build-out of its cGMP manufacturing facility.

The new facility will provide the Company with the manufacturing capacity to pursue strategic partnering opportunities while in parallel executing late-stage clinical trials leveraging the Company's core strength in advanced biologics manufacturing.