Achaogen has launched its IPO after pricing its 6 million shares at $12 per share. The stock began trading Wednesday on the NASDAQ under the ticker symbol “AKAO.” Credit Suisse Securities and Cowen and Company are the lead underwriters. Based in South San Francisco, Achaogen is a biopharmaceutical company focused on developing antibiotics to treat bacterial infections. Its backers include 5AM Ventures, ARCH Venture Partners, Venrock, Versant Ventures, Frazier Healthcare Ventures, Domain Associates and Alta Partners.
SOUTH SAN FRANCISCO, Mar 12, 2014 (GLOBE NEWSWIRE via COMTEX) — Achaogen, Inc., a clinical-stage biopharmaceutical company developing novel antibacterials to treat multi-drug resistant (MDR) gram-negative infections, announced today the pricing of its initial public offering of 6,000,000 shares of its common stock at a price to the public of $12.00 per share. The shares are expected to begin trading on The NASDAQ Global Market under the ticker symbol “AKAO” on March 12, 2014. In addition, Achaogen has granted the underwriters a 30-day option to purchase up to an additional 900,000 shares of common stock at the same price to cover over-allotments, if any. The offering is expected to close on March 17, 2014, subject to customary closing conditions.
Credit Suisse Securities (USA) LLC and Cowen and Company, LLC are acting as joint book-running managers for the offering. William Blair & Company, LLC and Needham & Company, LLC are acting as co-managers for the offering.
A registration statement relating to these securities was declared effective by the U.S. Securities and Exchange Commission on March 11, 2014. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
The offering is being made solely by means of a prospectus, copies of which may be obtained from Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, One Madison Avenue, New York, NY 10010, Telephone: (800) 221-1037, Email: [email protected]; or Cowen and Company, LLC c/o Broadridge Financial Services, Attention: Prospectus Department, 1155 Long Island Avenue, Edgewood, NY 11717, by calling (631) 274-2806, or by fax (631) 254-7140.
Achaogen is a clinical-stage biopharmaceutical company passionately committed to the discovery, development, and commercialization of novel antibacterials to treat MDR gram-negative infections. We are developing plazomicin, our lead product candidate, for the treatment of serious bacterial infections due to MDR Enterobacteriaceae, including carbapenem-resistant Enterobacteriaceae (CRE). Through the Special Protocol Assessment procedure, the U.S. Food and Drug Administration has agreed that the design and planned analyses of our single pivotal Phase 3 trial adequately address objectives in support of a New Drug Application. Our plazomicin program is funded in part with a contract from the Biomedical Advanced Research and Development Authority. Plazomicin is the first clinical candidate from our gram-negative antibiotic discovery engine, and we have other programs in early and late preclinical stages focused on other MDR gram-negative infections.