Armata Pharmaceuticals, Inc. (ARMP): debt financing — Armata closes $30M secured convertible credit from Innoviva at 8%, due Jan 2024

Armata Pharmaceuticals, Inc.

Gross proceeds $30M from Innoviva Strategic Opportunities LLC, Armata's largest shareholder, at 8% interest, matures Jan 10, 2024.
Loan converts to common stock upon qualified financing at 15% discount to investors' price; lender option to convert after SEC registration effective at greater of book value or $1.52/share.
Proceeds used to fund clinical development of AP-PA02 and AP-SA02 and complete cGMP manufacturing facility.
Loan secured by substantially all assets of Armata and its domestic/foreign material subsidiaries; no warrants issued.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Armata Pharmaceuticals, Inc. incurred term loan of $30 million with Innoviva Strategic Opportunities LLC at 8.0% per annum maturing January 10, 2024.

Instrument: term loan
Principal: $30 million
Counterparty: Innoviva Strategic Opportunities LLC
Rate: 8.0% per annum
Maturity: January 10, 2024
Event: incurrence

Exact text from the filing

The Credit Agreement provides for a secured term loan facility in an aggregate amount of $30 million (the “Loan”) at an interest rate of 8.0% per annum, and has a maturity date of January 10, 2024.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Armata Pharmaceuticals, Inc. entered into Credit Agreement with Innoviva Strategic Opportunities LLC valued at $30 million (effective 2023-01-10).

Action: entry
Agreement: credit facility
Counterparty: Innoviva Strategic Opportunities LLC
Value: $30 million
Effective: 2023-01-10

Exact text from the filing

On January 10, 2023, Armata Pharmaceuticals, Inc. (the “Company”) entered into, as borrower, a secured convertible credit and security agreement (the “Credit Agreement”) with Innoviva Strategic Opportunities LLC, a wholly owned subsidiary of Innoviva, Inc., a principal shareholder of the Company.

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Armata Pharmaceuticals, Inc. filing history →

Source: SEC EDGAR

accession 0001104659-23-002496

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