Healthcare Industry News: Allergan
News Release - April 7, 2010
Achaogen Completes $56 Million Series C FinancingProceeds Will Continue to Advance Clinical Development of Novel Antibiotics to Combat Multi-Drug Resistant Gram-Negative Bacteria and MRSA
SAN FRANCISCO--(HSMN NewsFeed)--Achaogen, a biopharmaceutical company focused on the discovery and development of innovative broad-spectrum antibiotics to treat life-threatening, multi-drug resistant (MDR) bacterial infections, today announced the completion of a $56 million Series C round of financing. The round was led by new investor Frazier Healthcare Ventures, and also included new investor Alta Partners. Current investors 5 AM Ventures, ARCH Venture Partners, Domain Associates, Venrock Associates, Versant Ventures and the Wellcome Trust also participated in the round. In conjunction with this financing, Robert More, general partner, Frazier Healthcare Ventures, will join the Achaogen board of directors.
“We appreciate the strong support of our existing investors and are pleased to welcome Frazier Healthcare Ventures and Alta Partners to the Achaogen team,” stated Kevin Judice, Ph.D., chief executive officer and chief scientific officer of Achaogen. “Our mission is to discover and develop life-saving antibiotics. This financing together with non-dilutive capital that we have secured through partnerships with various government agencies will enable us to advance multiple clinical programs, including conducting a Phase 2 study in complicated urinary tract infections of ACHN-490, our lead candidate for multi-drug resistant bacterial infections.”
“Frazier Healthcare is excited to work with Alta Partners and Achaogen’s existing investors to support the company’s growth,” said Robert More, general partner, Frazier Healthcare. “Achaogen combines excellent science with a compelling business model, blending venture capital and non-dilutive financing to advance multiple programs that have potential to address the increasing dire need for new agents to treat multi-drug resistant bacteria worldwide.”
Mr. More is a member of Frazier Healthcare’s biopharma and medical device investment teams. Prior to Frazier Healthcare, Mr. More was a partner with Domain Associates. He has also served as the chief operating officer of Small Molecule Therapeutics. Mr. More has served on the boards of ESP Pharma (acquired by Protein Design Labs, Inc.), Proxima Therapeutics (acquired by Cytyc Corporation), Onux Medical (acquired by C.R. Bard), NovaCardia (acquired by Merck), Esprit Pharma (acquired by Allergan) and IntraLase (acquired by Advanced Medical Optics, Inc.).
Achaogen is a clinical stage biopharmaceutical company focused on the discovery and development of broad-spectrum antibiotics to treat multi-drug resistant bacterial infections. Resistance to available antibacterial therapies continues to rise at an alarming rate, and Achaogen is applying its anticipatory science to meet this evolving need, developing drugs today that will combat tomorrow’s resistant pathogens. Through the use of non-dilutive funding from partnerships with the NIH and Department of Defense to augment funding from venture investors, Achaogen has established specialized capabilities that have enabled the company to pursue multiple discovery and development programs. The company’s most advanced drug candidate, ACHN-490, has demonstrated a positive safety and dosing profile in Phase 1 clinical testing and displayed broad spectrum efficacy in preclinical studies against systemic infections caused by multi-drug resistant (MDR) Gram-negative bacteria (e.g., E. coli, K. pneumoniae, and P. aeruginosa) and MRSA. In addition, the company is pursuing preclinical programs in several other areas of interest to combat the global emergence of bacterial resistance.
For more information, please visit the company’s website at www.achaogen.com.
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