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Achaogen starts common stock offering

Achaogen Inc. started an underwritten public offering of up to 5,750,000 shares.

The company expects to grant the underwriters an option to buy up to an additional 862,500 common shares.

Achaogen plans to use the net proceeds from the offering to fund the ongoing development and preparation for potential commercialization of plazomicin, the company's lead product candidate for serious bacterial infections due to MDR Enterobacteriaceae, including carbapenem-resistant Enterobacteriaceae.

The development and preparation will include filing a new drug application with the U.S. FDA and filing a marketing authorization application with the European Medicines Agency. The company will also use the funds to support its activities during the FDA's and the EMA's review and approval process and precommercialization marketing activities for plazomicin, and any remaining proceeds for working capital and general corporate purposes, including research and development of additional product candidates.

Leerink Partners LLC and Stifel and Guggenheim Securities LLC are acting as joint book runners, while SunTrust Robinson Humphrey Inc. is acting as the lead manager for the offering.