SOUTH SAN FRANCISCO, Calif., Aug. 21, 2017 (GLOBE NEWSWIRE) -- Achaogen, Inc. (NASDAQ:AKAO), a late-stage biopharmaceutical company developing innovative antibacterials addressing multi-drug resistant (MDR) gram-negative infections, today announced that on August 18, 2017, the compensation committee of the Company's board of directors granted nine new employees options to purchase an aggregate of 56,725 shares of the Company's common stock and 22,364 restricted stock units. Each stock option has an exercise price per share equal to $18.22, which was the closing trading price on the date of the grant. The stock options and restricted stock units were granted pursuant to the Company's 2014 Employment Commencement Incentive Plan, which was approved by the Company's board of directors in December 2014 under Rule 5635(c)(4) of The Nasdaq Global Market for equity grants to induce new employees to enter into employment with the Company.
Achaogen is a late-stage biopharmaceutical company passionately committed to the discovery, development, and commercialization of innovative antibacterial treatments for MDR gram-negative infections. Achaogen is developing plazomicin, its lead product candidate, for the treatment of serious bacterial infections due to MDR Enterobacteriaceae, including carbapenem-resistant Enterobacteriaceae. The Food and Drug Administration has granted plazomicin Breakthrough Therapy designation for the treatment of bloodstream infections caused by certain Enterobacteriaceae in patients who have limited or no alternative treatment options. Achaogen's plazomicin program is funded in part with a contract from the Biomedical Advanced Research and Development Authority. The Company's second product candidate is C-Scape, an orally-administered beta-lactam/beta-lactamase inhibitor combination. Achaogen has other programs in early and late preclinical stages focused on other MDR gram-negative infections and additional disease areas. All product candidates are investigational only and have not been approved for commercialization. For more information, please visit www.achaogen.com.
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