Mizuho Securities USA LLC has reiterated its ‘Buy’ rating and price target of $28 on shares of Achaogen, Inc.’s (NASDAQ: AKAO) stock after the company yesterday said that it has been awarded a contract valued at up to $18 million in funding from the Biomedical Advanced Research and Development Authority (BARDA). The funding will support the development of C-Scape, Achaogen’s product candidate being developed to treat serious bacterial infections due to extended spectrum beta-lactamase (ESBL)-producing Enterobacteriaceae. The BARDA contract comprises of $12 million of funding through a nine-month base period and additional option periods worth around $6 million. The analyst noted that the company’s C-Scape is currently in phase I trials with an expected readout before the end of 2017. If the phase I trial is successful, Achaogen intends to utilize the 505b(2) development pathway to move C-scape directly into phase III trials in 2018.
For more information, visit www.Achaogen.com
About Achaogen
Achaogen is a late-stage biopharmaceutical company passionately committed to the discovery, development, and commercialization of innovative antibacterial treatments for MDR gram-negative infections. Achaogen is developing plazomicin, its lead product candidate, for the treatment of serious bacterial infections due to MDR Enterobacteriaceae, including carbapenem-resistant Enterobacteriaceae. The Food and Drug Administration has granted plazomicin Breakthrough Therapy designation for the treatment of bloodstream infections caused by certain Enterobacteriaceae in patients who have limited or no alternative treatment options. Achaogen’s plazomicin program is funded in part with a contract from the Biomedical Advanced Research and Development Authority. The company’s second product candidate is C-Scape, an orally-administered beta-lactam/beta-lactamase inhibitor combination. Achaogen has other programs in early and late preclinical stages focused on other MDR gram-negative infections and additional disease areas. All product candidates are investigational only and have not been approved for commercialization.
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