Armata Pharmaceuticals (ARMP) said late Wednesday it has entered into a secured credit agreement with Innoviva Strategic Opportunities, a subsidiary of its largest shareholder, Innoviva (INVA), for gross proceeds of $10 million.
The term loan has an interest rate of 14% per annum and a maturity date of March 12, 2026.
The company said it plans to use the proceeds to advance its lead therapeutic phage candidates, including AP-PA02 and AP-SA02, which target infectious caused by Pseudomonas aeruginosa and Staphylococcus aureus, respectively.
The companies also entered into amendments to three previous credit and security agreements to extend their maturity dates to March 12, 2026.
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