Achaogen Enters Into New $50 Million Secured Credit Facility with Silicon Valley Bank
SOUTH SAN FRANCISCO, Calif., March 1, 2018 /PRNewswire/ -- Achaogen, Inc. (NASDAQ:AKAO), a late-stage biopharmaceutical company developing innovative antibacterials addressing multi-drug resistant (MDR) gram-negative infections, has entered into a new secured credit facility with Silicon Valley Bank (SVB), the bank of the world's most innovative companies and their investors. This facility provides up to $50 million of capital to Achaogen for general corporate purposes, including repayment of outstanding debt.
"This new debt facility strengthens our financial position as we continue to invest in the potential launch of our lead product candidate, plazomicin, and support the development of our second product candidate, C-Scape," said Tobin Schilke, Achaogen's Chief Financial Officer. "Silicon Valley Bank has an excellent track record of supporting innovative life science companies, for which we are grateful, as we advance our mission of treating serious gram-negative infections caused by multi-drug resistant bacteria."
"We're proud to support Achaogen as the company advances and expands its pipeline of innovative antibacterial treatments for MDR gram-negative infections," said Jackie Spencer, director in the Life Science and Healthcare Practice at Silicon Valley Bank. "Our objective is to provide the best financing, connections and global services to help Achaogen be successful."
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. The Company's second product candidate is C-Scape, an orally-administered beta-lactam/beta-lactamase inhibitor combination. Achaogen's plazomicin program has been funded, and its C-Scape program is funded, in part with federal funds from the Biomedical Advanced Research and Development Authority (BARDA). Achaogen has other programs in early and late preclinical stages of development focused on other MDR gram-negative infections and additional disease areas. All product candidates, including plazomicin, are investigational only and have not been approved for commercialization. For more information, please visit www.achaogen.com.
About Silicon Valley Bank
For 35 years, Silicon Valley Bank (SVB) has helped innovative companies and their investors move bold ideas forward, fast. SVB provides targeted financial services and expertise through its offices in innovation centers around the world. With commercial, international and private banking services, SVB helps address the unique needs of innovators. Learn more at svb.com.
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SOURCE Silicon Valley Bank