Subject: Achaogen Completes $56 Million Series C Financing
From: "Achaogen" <[email-masked]>
To: <[email-masked]>
Date: Wed, 7 Apr 2010 06:31:23 -0400

April 7, 2010 10:30 UTC

Achaogen Completes $56 Million Series C Financing

Proceeds Will Continue to Advance Clinical Development of Novel
Antibiotics to Combat Multi-Drug Resistant Gram-Negative Bacteria and
MRSA

SAN FRANCISCO--(BUSINESS WIRE)--
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.).

About Achaogen

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.

Contacts

Pure Communications
Ashlea Kosikowski, 910-547-7093

Source: Achaogen

View this news release online at:
http://www.businesswire.com/news/home/20100407005434/en

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