Achaogen Announces Pricing Of Public Offering Of Common Stock
SOUTH SAN FRANCISCO, Calif., Dec. 14, 2016 (GLOBE NEWSWIRE) -- Achaogen, Inc. (NASDAQ:AKAO), a clinical-stage biopharmaceutical company developing novel antibacterials addressing multi-drug resistant (MDR) gram-negative infections, today announced the pricing of an underwritten public offering of 6,500,000 shares of its common stock at a price to the public of $13.50 per share, for gross proceeds of approximately $87,750,000 before deducting underwriting discounts and commissions and offering expenses payable by Achaogen. In addition, Achaogen has granted the underwriters of the offering a 30-day option to purchase up to an additional 975,000 shares of common stock at the public offering price, less underwriting discounts and commissions. All of the shares are being offered by Achaogen.
Achaogen intends to use the net proceeds of the offering to fund the ongoing development and preparation for potential commercialization of plazomicin, including the preparation and submission of Achaogen’s New Drug Application with the U.S. Food and Drug Administration (FDA) and a Marketing Authorization Application with the European Medicines Agency (EMA) for plazomicin, to support its activities during the FDA’s and the EMA’s review and approval process and pre-commercialization marketing activities for plazomicin, and any remaining proceeds for working capital and general corporate purposes, including research and development of additional product candidates.
The offering is expected to close on or about December 19, 2016, subject to satisfaction of customary closing conditions. Leerink Partners LLC, Stifel and Guggenheim Securities, LLC are acting as joint book-running managers for the offering. SunTrust Robinson Humphrey, Inc. is acting as lead manager for the offering.
A registration statement relating to these securities has been filed with the U.S. Securities and Exchange Commission (SEC) and became effective on April 21, 2015. This offering is being made solely by means of such registration statement, including a prospectus supplement and the accompanying prospectus forming a part of the registration statement. Copies of the prospectus supplement and the accompanying prospectus related to the offering may be obtained from Leerink Partners LLC, Attention: Syndicate Department, One Federal Street, 37th Floor, Boston, MA, 02110, by email at syndicate@leerink.com, or by phone at 800-808-7525, ext. 6142; Stifel, Nicolaus & Company, Incorporated, One Montgomery Street, Suite 3700, San Francisco, California 94104, Attn: Syndicate, by phone at 415-364-2720 or by email at syndprospectus@stifel.com; or Guggenheim Securities, LLC, Attention: Equity Syndicate Department, 330 Madison Avenue, 8th Floor, New York, NY 10017, by email at GSEquityProspectusDelivery@guggenheimpartners.com, or by phone at 212-518-9658.
This press release shall not constitute an offer to sell or a 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.
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.
Achaogen intends to use the net proceeds of the offering to fund the ongoing development and preparation for potential commercialization of plazomicin, including the preparation and submission of Achaogen’s New Drug Application with the U.S. Food and Drug Administration (FDA) and a Marketing Authorization Application with the European Medicines Agency (EMA) for plazomicin, to support its activities during the FDA’s and the EMA’s review and approval process and pre-commercialization marketing activities for plazomicin, and any remaining proceeds for working capital and general corporate purposes, including research and development of additional product candidates.
The offering is expected to close on or about December 19, 2016, subject to satisfaction of customary closing conditions. Leerink Partners LLC, Stifel and Guggenheim Securities, LLC are acting as joint book-running managers for the offering. SunTrust Robinson Humphrey, Inc. is acting as lead manager for the offering.
A registration statement relating to these securities has been filed with the U.S. Securities and Exchange Commission (SEC) and became effective on April 21, 2015. This offering is being made solely by means of such registration statement, including a prospectus supplement and the accompanying prospectus forming a part of the registration statement. Copies of the prospectus supplement and the accompanying prospectus related to the offering may be obtained from Leerink Partners LLC, Attention: Syndicate Department, One Federal Street, 37th Floor, Boston, MA, 02110, by email at syndicate@leerink.com, or by phone at 800-808-7525, ext. 6142; Stifel, Nicolaus & Company, Incorporated, One Montgomery Street, Suite 3700, San Francisco, California 94104, Attn: Syndicate, by phone at 415-364-2720 or by email at syndprospectus@stifel.com; or Guggenheim Securities, LLC, Attention: Equity Syndicate Department, 330 Madison Avenue, 8th Floor, New York, NY 10017, by email at GSEquityProspectusDelivery@guggenheimpartners.com, or by phone at 212-518-9658.
This press release shall not constitute an offer to sell or a 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.
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.