Armata Pharmaceuticals, Inc. (ARMP)

[lesgetrich]

so the r/split was 1-14... And see that since the r/split, what I expected to see has happened. WIthout a product to sell, without a trial in progress...

Hard to see the share price hold up after a r/split this far out.

You made the claim on 2/6/2019 in post #1205 that you expected the pps to go down due to the reverse split. At the time, ARMP was trading between $3.37 and $3.66 ($.24 and $.26 pre-split). I responded on Saturday 2/9/2019 in post #1212 when ARMP had been trading between $3.486 and $3.64 ($.249 and $.26 pre split) the day before...

...while there may (or may not) be a dip in price after a reverse merger, there is plenty of evidence that the combined company will have a greater value than it has today. The pps is currently under-valued relative to the price ($.36/share) paid by the private $10 million investors. You can assume that they've done their DD and expect to profit from their investment.

ARMP closed yesterday at $3.54 ($.252/share pre split). Keep in mind, the entire market has been down the past three weeks. Nevertheless as of May 9th, Delta Dental of Wisconsin and Delta Dental of Michigan and their subsidiaries have gone ahead and purchased 21.2% and 25.4% respectively of ARMP's shares at a purchase price of $5.02/share ($.36/share pre-split). These shares are locked up for 6 months. See...

SC 13G

...and...

SC 13D

I fully expect that the share price will gravitate back to the company's intrinsic value of $5.02/share ($.36/share pre-split) going forward. From the January 14 8-K announcing the merger...

January 14th ARMP 8-K

Todd Patrick:

Following completion of the merger and concurrent capital raise, our combined company will have a sound financial footing as well as a diverse clinical-stage pipeline, including a Phase 1/2-ready natural phage candidate targeting bacteremia, a synthetic phage candidate targeting respiratory infections poised to enter Phase 1 clinical trials in 2019, and an existing partnership with a U.S.-based global pharmaceutical company for an undisclosed large market indication.

In addition, the company will have an extensive natural phage library and the capability to develop synthetic phage against a wide range of microbial agents. Furthermore, the combined company will have two Phage-specific GMP manufacturing sites, with the C3J GMP facility in Los Angeles and AmpliPhi’s phage-specific GMP drug manufacturing capabilities in Slovenia. We believe this is a key differentiator for the combined company in this exciting field...

... I want to highlight a partnership C3J has in place with a U.S.-based multinational pharmaceutical company for an undisclosed large market indication. This development program is currently preclinical, and we believe it provides an important validation of our synthetic phage technology and strategy. C3J is responsible for the pre-clinical development and, under the current agreement, we will hand off clinical candidates to our partner, who then has the responsibility to take them through U.S. and international regulatory approvals and onto commercial launch. We have a variety of pre-clinical, as well as clinical milestone payments along the way, as well as royalties on sales. The partner will assume all clinical, regulatory, production and sales/marketing expenses. C3J is responsible for its own R&D expenses.

Since C3J is currently a private company, this partnership has remained confidential and for the time being we will not be providing additional information until we work out an acceptable disclosure with our partner. We expect to have more to say on this program in the near future.

The partner has since been revealed to be Merck (see page 9 of new Investor Presentation)...

Revised Investor Presentation

We have yet to see a formal announcement on the Merck partnership and it's revenue ramifications. Based on all of the above, I don't expect any more significant price deterioration. On the contrary, we should soon see a recovery to $5 share and beyond. JMO