Stock Alert: Armata Pharma Shares Soar 23% In Premarket On $15 Mln Award From US DoD

(RTTNews) - Shares of Armata Pharmaceuticals Inc. (ARMP) are rising over 23% in pre-market today, after the biotechnology company announced that it has received a $15 million award for a three year program from the U.S. DoD through the Medical Technology Enterprise Consortium or MTEC with funding from the Defense Health Agency and Joint Warfighter Medical Research Program.

Armata noted that it would use the award to partially fund a Phase 1b/2, randomized, double-blind, placebo-controlled, dose escalation clinical study of Armata's therapeutic phage-based candidate, AP-SA02, for the treatment of complicated Staphylococcus aureus bacteremia infections.

The stock has been trading in the range of $2.52 - $6.92 for the past one year, and closed Tuesday's trade at $3.68, up 10 cents or 2.79%. ARMP is currently trading at $4.55, up $0.87 or 23.64% in the pre-market session.