Daily News: March 2, 2018

Silicon Valley Provides $50MM Facility to Achaogen

Achaogen entered into a new secured credit facility with Silicon Valley Bank that 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.

Achaogen is a late-stage biopharmaceutical company committed to the discovery, development, and commercialization of antibacterial treatments for MDR gram-negative infections.