Achaogen Announces Employment Inducement Grants
SOUTH SAN FRANCISCO, Calif., Oct. 6, 2015 (GLOBE NEWSWIRE) -- Achaogen, Inc. (NASDAQ:AKAO), a clinical-stage biopharmaceutical company developing novel antibacterials to treat multi-drug resistant (MDR) gram-negative infections, today announced that as of October 1st, 2015, the compensation committee of the Company's board of directors granted its newly appointed Chief Operating Officer, Blake Wise, an option to purchase 162,500 shares of the Company's common stock and 37,500 Restricted Stock Units (RSUs), and a new non-executive employee the option to purchase 30,000 shares of the Company's common stock and 5,000 RSUs. Each stock option has an exercise price per share equal to $5.86, which was the closing trading price on October 1, 2015, the effective date of the grant. The stock options were granted pursuant to the Company's 2014 Employment Commencement Incentive Plan, which was approved by the Company's board of directors in December 2014 under Rule 5635(c)(4) of The Nasdaq Global Market for equity grants to induce new employees to enter into employment with the Company.
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 lung, bloodstream, and urinary tract infections due to Enterobacteriaceae, including, but not limited to, carbapenem-resistant Enterobacteriaceae (CRE). 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, please visit www.achaogen.com.
CONTACT: Candice Knoll Blueprint Life Science Group 415.375.3340 Ext. 4 cknoll@bplifescience.com
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