Achaogen arranges $30 million at-the-market offering of stock

Company’s stock last closed at $6.65 per share on Aug. 27

By Susanna Moon

Chicago, Sept. 1 – Achaogen Inc. said it entered into a sales agreement with Cowen and Co., LLC as agent to sell up to $30 million shares of its common stock from time to time, according to a 424B5 filing with the Securities and Exchange Commission.

The company’s stock (Nasdaq: AKAO) last closed at $6.65 per share on Aug. 27.

Proceeds will be used to fund the company’s planned registration program for plazomicin, other research and development activities, as well as for working capital and general corporate purposes.

The biopharmaceutical company is based in South San Francisco, Calif.

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