8-K
filed July 11, 2023, 7:59 PM ET
ticker ARMP
CIK 0000921114
other material
confidence high
sentiment positive
materiality 0.75
Armata Pharmaceuticals, Inc. (ARMP): debt financing — Armata Pharma secures $25M loan from Innoviva, appoints Dr. Deborah Birx as CEO
Armata Pharmaceuticals, Inc.
- Enters $25M secured term loan with Innoviva Strategic Opportunities LLC at 14% interest, matures Jan 2025.
- Extends existing convertible credit agreement maturity to Jan 2025 via amendment.
- Terminates CEO Brian Varnum; appoints Dr. Deborah Birx, former White House Coronavirus Task Force coordinator, as CEO and director.
- Proceeds to advance phage candidates AP-PA02 (Pseudomonas) and AP-SA02 (Staph) and build out cGMP manufacturing facility.
- Resets 2023 annual meeting date from Aug 29 to Sep 14, 2023; record date unchanged at July 10, 2023.
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 $25 million with Innoviva Strategic Opportunities LLC at 14.0% per annum maturing January 10, 2025.
- Instrument
- term loan
- Principal
- $25 million
- Counterparty
- Innoviva Strategic Opportunities LLC
- Rate
- 14.0% per annum
- Maturity
- January 10, 2025
- Event
- incurrence
Exact text from the filing
The Credit Agreement provides for a secured term loan facility in an aggregate amount of $25 million (the “Loan”) at an interest rate of 14.0% per annum, and has a maturity date of January 10, 2025.
View on SEC.gov
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
Armata Pharmaceuticals, Inc. amended convertible notes with Innoviva maturing January 10, 2025.
- Instrument
- convertible notes
- Counterparty
- Innoviva
- Maturity
- January 10, 2025
- Event
- amendment
Exact text from the filing
the parties agreed to, among other things, extend the maturity date from January 10, 2024, to January 10, 2025.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Deborah Birx was appointed as Chief Executive Officer at Armata Pharmaceuticals, Inc..
- Action
- appointed
- Role
- Chief Executive Officer
Exact text from the filing
On July 11, 2023, the Company announced that the Board of Directors (the “Board”) had appointed Dr. Deborah Birx, 67, to the position of Chief Executive Officer and as a member of the Board
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Brian Varnum was terminated as Chief Executive Officer at Armata Pharmaceuticals, Inc..
- Action
- terminated
- Role
- Chief Executive Officer
Exact text from the filing
On July 10, 2023, the Company terminated Dr. Brian Varnum as its Chief Executive Officer
View on SEC.gov
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 $25 million (effective 2023-07-11).
- Action
- entry
- Agreement
- credit facility
- Counterparty
- Innoviva Strategic Opportunities LLC
- Value
- $25 million
- Effective
- 2023-07-11
Exact text from the filing
On July 11, 2023, Armata Pharmaceuticals, Inc. (the “Company”) announced in the press release furnished hereto as Exhibit 99.1 that it had entered into, as borrower, a credit and security agreement (the “Credit Agreement”) with Innoviva Strategic Opportunities LLC (“Innoviva”), a wholly owned subsidiary of Innoviva, Inc. (the “Parent”), a principal shareholder of the Company on July 10, 2023. The Credit Agreement provides for a secured term loan facility in an aggregate amount of $25 million (the “Loan”) at an interest rate of 14.0% per annum, and has a maturity date of January 10, 2025.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
Armata Pharmaceuticals, Inc. amended First Amendment to Convertible Credit Agreement with Innoviva (effective 2023-07-11).
- Action
- amendment
- Agreement
- credit facility
- Counterparty
- Innoviva
- Effective
- 2023-07-11
Exact text from the filing
Concurrently with the execution of the Credit Agreement, the Company entered into an amendment to that certain secured convertible credit and security agreement (the “First Amendment to Convertible Credit Agreement”), dated January 10, 2023, by and among the Company, as borrower, Innoviva, as lender, and certain domestic subsidiaries and foreign material subsidiaries of the Company, as guarantors.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
Armata Pharmaceuticals, Inc. amended First Amendment to Second A&R Voting Agreement with Innoviva and Innoviva, Inc. (effective 2023-07-11).
- Action
- amendment
- Counterparty
- Innoviva and Innoviva, Inc.
- Effective
- 2023-07-11
Exact text from the filing
In addition, the Company concurrently entered into an amendment (the “First Amendment to Second A&R Voting Agreement”) to its Second Amended and Restated Voting Agreement, dated as of February 9, 2022, by and among the Company, Innoviva and the Parent to extend the expiration date to the earlier of the fifth anniversary of the effective date, or February 9, 2027, and the date of receipt of approval by the U.S. Food and Drug Administration of any of the product candidates of the Company for marketing and commercial distribution.
View on SEC.gov
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