SOUTH SAN FRANCISCO, July 16, 2015 (GLOBE NEWSWIRE) -- Achaogen, Inc. (NASDAQ:AKAO), a clinical-stage biopharmaceutical company developing novel antibacterials to treat multi-drug resistant (MDR) gram-negative infections, announced today it has been awarded a contract for $1.5 million over the next year, with additional funding up to $3.0 million available over the next three years if all options are exercised. The contract was awarded by the National Institute of Allergy and Infectious Diseases (NIAID), as part of the National Institutes of Health (NIH), an agency of the United States Department of Health and Human Services. This award will specifically fund the discovery and development of LpxC inhibitors, which are novel small molecule agents, for the treatment of bacterial infections, including those resistant to currently available antibiotics.
"We are extremely pleased to receive this contract and are grateful for the opportunity to continue working with NIAID to address the global concern of antibiotic resistance," commented Kenneth Hillan, Chief Executive Officer of Achaogen.
LpxC inhibitors have the potential to fill an important unmet medical need in the treatment of infections such as bacterial pneumonias and bloodstream infections, and additionally have the potential to treat infections caused by biothreat pathogens. LpxC inhibition would represent the first new mode of action in nearly 30 years for the treatment of antibiotic-resistant gram-negative bacterial infections. Achaogen's LpxC inhibitor program is currently in the preclinical stage of development. As the program continues with contract funding from NIAID, the Company will apply the significant knowledge it has gained from research and clinical studies of LpxC inhibitors.
The National Institute of Allergy and Infectious Diseases (NIAID) conducts and supports research - at the National Institutes of Health (NIH), throughout the United States, and worldwide - to study the causes of infectious and immune-mediated diseases, and to develop better means of preventing, diagnosing and treating these illnesses. News releases, fact sheets and other NIAID-related materials are available on the NIAID Web site at http://www.niaid.nih.gov.
The NIH - The Nation's Medical Research Agency - includes 27 Institutes and Centers and is a component of the U.S. Department of Health and Human Services. It is the primary federal agency for conducting and supporting basic, clinical and translational medical research, and it investigates the causes, treatments and cures for both common and rare diseases. For more information about NIH and its programs, visit http://www.nih.gov.
Achaogen is a clinical-stage biopharmaceutical company passionately committed to the discovery, development, and commercialization of novel antibacterials to treat MDR gram-negative infections. Achaogen is developing plazomicin, Achaogen's lead product candidate, for the treatment of serious lung, bloodstream, and urinary tract infections due to Enterobacteriaceae, including, but not limited to, carbapenem-resistant Enterobacteriaceae (CRE). Achaogen's plazomicin program is funded in part with a contract from the Biomedical Advanced Research and Development Authority. Plazomicin is the first clinical candidate from Achaogen's gram-negative antibiotic discovery engine, and Achaogen has other programs in early and late preclinical stages focused on other MDR gram-negative infections. For more information, please visit www.achaogen.com.
This press release contains forward looking statements. All statements other than statements of historical facts contained herein are forward-looking statements reflecting the current beliefs and expectations of management made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including Achaogen's expectations regarding the development of Achaogen's LpxC inhibitor research and development program and the availability of the additional $3.0 million under the contract with NIAID. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause Achaogen's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, the uncertainties inherent in the preclinical and clinical development process; specific risks related to the risks and uncertainties of the regulatory approval process; the risks and uncertainties of commercialization and gaining market acceptance; risks and uncertainties as to Achaogen's ability to raise additional capital to support the development of programs; uncertainties regarding the availability of adequate third-party coverage and reimbursement for newly approved products; Achaogen's reliance on third parties to conduct certain preclinical studies and all of its clinical trials; Achaogen's reliance on third-party contract manufacturing organizations to manufacture and supply its product candidates and certain raw materials used in the production thereof; Achaogen's dependence on its Chief Executive Officer; risks and uncertainties related to the acceptance of government funding for certain of Achaogen's programs; risk of third party claims alleging infringement of patents and proprietary rights or seeking to invalidate Achaogen's patents or proprietary rights; and the risk that Achaogen's proprietary rights may be insufficient to protect its technologies and product candidates. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to Achaogen's business in general, see Achaogen's current and future reports filed with the Securities and Exchange Commission, including its Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2015 and its Annual Report on Form 10-K for the fiscal year ended December 31, 2014. Achaogen does not plan to publicly update or revise any forward-looking statements contained in this press release, whether as a result of any new information, future events, changed circumstances or otherwise.
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