ACHAOGEN, INC. (NASDAQ:AKAO) Files An 8-K Other Events
Item 8.01 Other Events.
an underwriting agreement (the Underwriting Agreement) with
Leerink Partners LLC and Stifel, Nicolaus Company, Incorporated,
as representatives (the Representatives) of the several
underwriters named therein (collectively, the Underwriters), to
which the Company agreed to issue and sell 6,500,000 shares (the
Shares) of its common stock, par value $0.001 per share (Common
Stock) to the Underwriters (the Offering). The Shares were sold
at a public offering price of $13.50 per Share, and were
purchased by the Underwriters from the Company at a price of
$12.69 per Share. Under the terms of the Underwriting Agreement,
the Company granted the Underwriters the option, for 30 days, to
purchase up to 975,000 additional shares of Common Stock at the
public offering price.
purchase the additional 975,000 shares of Common Stock in full.
prospectus filed with the Securities and Exchange Commission to
the Companys effective shelf registration statement on Form S-3
(Registration No. 333-203282).
completed the sale and issuance of an aggregate of 7,475,000
shares of Common Stock. The Company received net proceeds from
the Offering of approximately $94.5 million, after deducting the
Underwriters discounts and commissions and estimated offering
expenses payable by the Company. As of September 30, 2016, the
Company had cash, cash equivalents and short term investments of
approximately $61.1 million and, after giving effect to the
issuance and sale of shares of Common Stock in the Offering, had
approximately $155.6 million in cash, cash equivalents and short
term investments.
the Underwriters against certain liabilities, including
liabilities under the Securities Act of 1933, as amended, or to
contribute to payments that the Underwriters may be required to
make because of such liabilities. The Company and the Companys
directors and executive officers (and certain of their affiliated
stockholders) also agreed not to sell or transfer any Common
Stock for 60 days after December 13, 2016 without first obtaining
the written consent of the Representatives on behalf of the
Underwriters, subject to certain exceptions as described in the
prospectus supplement.
hereto and is incorporated herein by reference. The foregoing
descriptions of the Underwriting Agreement and lock-up
arrangements do not purport to be complete and are qualified in
their entirety by reference to such exhibit.
validity of the securities issued in the Offering is filed
herewith as Exhibit 5.1.
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Item 9.01
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Financial Statements and Exhibits.
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Exhibit No.
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Description
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1.1
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Underwriting Agreement, dated as of December 13, 2016,
among Achaogen, Inc. and Leerink Partners LLC and Stifel, Nicolaus Company, Incorporated, as representatives of the underwriters named therein. |
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5.1
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Opinion of Latham Watkins LLP.
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23.1
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Consent of Latham Watkins LLP (included in Exhibit
5.1). |
About ACHAOGEN, INC. (NASDAQ:AKAO)
Achaogen, Inc. is a clinical-stage biopharmaceutical company. The Company is engaged in the discovery, development and commercialization of antibacterials to treat multi-drug resistant (MDR) gram-negative infections. The Company is developing plazomicin, its lead product candidate, for the treatment of serious bacterial infections due to MDR Enterobacteriaceae, including carbapenem-resistant enterobacteriaceae (CRE). Plazomicin is an aminoglycoside designed to overcome clinically relevant aminoglycoside resistance mechanisms. In addition, its research and development pipeline includes two programs that specifically target Pseudomonas aeruginosa or Acinetobacter baumannii infections: a program to discover and develop small molecule inhibitors of LpxC, which is an enzyme essential for the synthesis of the outer membrane of gram-negative bacteria, and a therapeutic antibody program. Its development plan for plazomicin includes over two Phase III clinical trials. ACHAOGEN, INC. (NASDAQ:AKAO) Recent Trading Information
ACHAOGEN, INC. (NASDAQ:AKAO) closed its last trading session down -0.10 at 13.21 with 1,176,897 shares trading hands.
