Armata jumps on investment to advance lead drug in development

Armata Pharmaceuticals

29/10/2021 17:02

** Shares of drugmaker  ARMP.A  jump 10.3% to $3.31
    ** Armata Pharmaceuticals on Thursday after market said it
received a $3 mln equity investment from patient advocacy group
Cystic Fibrosis Foundation  urn:newsml:reuters.com:*:nPn4lQTdsa
    ** Biopharma company Innoviva Inc  INVA.O , which owns about
59.5% stake in Armata, has also elected to invest $4.0 mln at
the same terms - co
    ** Funds will be used to advance development of Armata's
lead drug candidate, AP-PA02, to treat respiratory infections
caused by a type of bacteria in cystic fibrosis patients
    ** Cystic fibrosis, which affects about 35,000 people in the
United States, is an inherited disorder causing damage to lungs
and other organs in the body 
    ** The CF Foundation had last year awarded $5 mln to ARMP
    ** As of June 30, Armata held about $17.5 mln of
unrestricted cash and cash equivalents
    ** Stock up 11.1% YTD, including session's gains

 (Reporting by Amruta Khandekar)
 ((Amruta.Khandekar@thomsonreuters.com;))