Achaogen (NASDAQ: AKAO) has initiated an underwritten public offering of up to 5,750,000 shares of its common stock, all of which are offered by the company. Additionally, Achaogen expects to grant the underwriters of the offering a 30-day option to purchase up to an additional 862,500 shares of common stock at the public offering price, less underwriting discounts and commissions. The company said it intends to use the net proceeds to fund the ongoing development and preparation for potential commercialization of its lead candidate plazomicin, for which the company yesterday announced positive results in phase 3 cUTI and CRE clinical trials. Any remaining proceeds will be used for working capital and general corporate purposes, including research and development of additional product candidates.
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About Achaogen
Achaogen is a clinical-stage biopharmaceutical company passionately committed to the discovery, development, and commercialization of novel antibacterials to treat MDR gram-negative infections. Achaogen is developing plazomicin, Achaogen’s lead product candidate, for the treatment of serious bacterial infections due to MDR Enterobacteriaceae, including carbapenem-resistant Enterobacteriaceae. Achaogen’s plazomicin program is funded in part with a contract from the Biomedical Advanced Research and Development Authority. Plazomicin is the first clinical candidate from Achaogen’s gram-negative antibiotic discovery engine, and Achaogen has other programs in early and late preclinical stages focused on other MDR gram-negative infections. For more information visit www.achaogen.com
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