Armata Pharma: Soars to 1-yr high on $25 mln stocks and warrants deal

Innoviva

28/01/2020 15:26

** Shares of drug developer  ARMP.A  more than doubles to
$5.9 in early trade 
    ** Stock top pct. gainer across exchanges — touches more
than a year high
    ** ARMP and drug developer  INVA.O  enter into a securities
purchase agreement; INVA will purchase ~$25 mln of ARMP's common
stock and warrants  urn:newsml:reuters.com:*:nPn7PFDHSa
    ** Shares of INVA rise 1%
    ** Sale proceeds to be used to support ongoing advancement
of ARMP's bacteriophage development programs - companies 
    ** INVA will purchase about 8.7 mln newly issued shares of
ARMP at $2.87/shr
    ** After the transaction completes, INVA will be able to
appoint two directors to ARMP's board 
    ** Companies expect to close the deal in Q1
    ** "Funding from this transaction will allow us to pursue
meaningful milestones in 2020 and 2021" - ARMP
    ** Stock rose 12.5% in 2019

 (Reporting by Trisha Roy in Bengaluru)
 ((Trisha.Roy@thomsonreuters.com; within U.S. +1 646 223 8780,
outside U.S. +91 80 6749 7786;))