Armata Pharmaceuticals (NYSE:ARMP), Inc. (NYSE American: ARMP), a biotech firm specializing in biological products, disclosed the impending departure of a top executive. The company, headquartered in Los Angeles, California, announced that Richard Rychlik, Vice President and Corporate Controller, will conclude his employment on September 30, 2024.
The announcement, made public in a recent SEC filing, comes as the company is in the process of finalizing the terms of Mr. Rychlik's separation agreement. The details of the agreement are still under negotiation and will be confirmed at a later date.
This transition was officially reported on September 22, 2024, and the information was filed with the SEC on Thursday. The report did not specify the reason for Rychlik's departure nor did it mention a successor for his position.
Armata Pharmaceuticals, previously known as AmpliPhi Biosciences Corp and before that as Targeted Genetics Corp /WA/, operates within the biopharmaceutical industry focusing on the development of bacteriophage-based therapies.
In other recent news, Armata Pharmaceuticals has secured an additional $5.25 million in non-dilutive grant funding from the U.S. Department of Defense. This funding will support the ongoing clinical trial of their bacteriophage therapy AP-SA02, which is currently at 68% enrollment of its targeted 50 subjects.
In other developments, Armata has adjusted the compensation agreement for its Chief Medical Officer, Dr. Mina Pastagia, now set at a base salary of $456,800, with a potential annual bonus of 50% of her base salary from the 2024 fiscal year, contingent on performance metrics.
Equity grants under the company's 2016 Equity Incentive Plan are also planned for Dr. Pastagia beginning in 2025, projected at a grant date fair value of $300,000. In the event of termination without cause or resignation for good reason, she would be entitled to a continuation of her base salary for 12 months post-termination, subject to certain conditions.
On the analyst front, H.C. Wainwright has maintained a Buy rating for Armata Pharmaceuticals, following the completion of enrollment for their key Phase 2 Tailwind study. This study is evaluating the safety and effectiveness of Armata's inhaled AP-PA02, with topline data expected in the second half of 2024.
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