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, today announced financial results for its first quarter 2022 and provided a corporate update.
| MARINA DEL REY, Calif, May 12, 2022 /PRNewswire/ -- 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, today announced financial results for its first quarter 2022 and provided a corporate update.
First Quarter 2022 and Recent Developments:
“Armata continues to advance our clinical strategy of evaluating bacteriophage product candidates against P. aeruginosa and S. aureus in multiple indications,” stated Dr. Brian Varnum, Chief Executive Officer of Armata. “We are pleased with our progress in the SWARM-P.a. study and are excited to launch the diSArm and NCFB studies. We also continue to make significant progress toward initiating a clinical trial of AP-SA02 in prosthetic joint infections and advance toward an IND for AP-PA03. These programs are powered by our continued investment in developing bacteriophage-specific manufacturing methods. In parallel, we continue advance the build out of our new state-of-the-art cGMP manufacturing facility, which will allow us to increase production scale and capacity, meeting the needs of our expanding pipeline.” First Quarter 2022 Financial Results Grant Revenue. The Company recognized grant revenue of approximately $1.2 million for the three months ended March 31, 2022, which represents Medical Technology Enterprise Consortium (“MTEC”)'s share of the costs incurred for the Company’s AP-SA02 program for the treatment of Staphylococcus aureus bacteremia. The Company expects to receive $15.0 million in grant funding from MTEC administered by the U.S. Department of Defense and the Defense Health Agency and Joint Warfighter Medical Research Program. The Company recognized approximately $1.1 million of revenue in the comparable period in 2021. Research and Development. Research and development expenses for the three months ended March 31, 2022, were approximately $8.0 million as compared to approximately $4.4 million for the comparable period in 2021. The company continues to invest in clinical trial and personnel related expenses associated with its primary development programs. General and Administrative. General and administrative expenses for the three months ended March 31, 2022, were approximately $2.0 million as compared to approximately $2.2 million for the comparable period in 2021. Loss from Operations. Loss from operations for the three months ended March 31, 2022, was $(9.0) million as compared to a loss from operations of approximately $(5.5) million for the comparable period in 2021. Cash and Equivalents. As of March 31, 2022, Armata held approximately $46.4 million of unrestricted cash and cash equivalents, as compared to $10.3 million as of December 31, 2021. During the first quarter, the company entered into a securities purchase agreement with a subsidiary of Innoviva, Inc. with raised total gross proceeds of $45 million, before deducting transaction expenses. As of May 12, 2022, there were approximately 36.1 million shares of common stock outstanding. 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. Media Contacts: At Armata: Investor Relations:
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Company Codes: AMEX:ARMP | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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