Achaogen shares soar on antibiotic trial success

15 December 2016

Shares in California-based biopharma company Achaogen (Nasdaq: AKAO) rose more than 100% early this week to a 1.5-year high, following emphatic late-stage trial success in two key studies of its antibiotic, plazomicin.

Reacting, the company yesterday priced its 6.5 million share offering at $13.50 each, with an overallotment option for an additional 975,000 shares, with the entire offering totalling just above $100 million.

The Phase III study, CARE, of the urinary tract infection treatment, met all primary endpoints, with patients with serious infections due to carbapenem-resistant enterobacteriaceae (CRE) also showing a lower rate of mortality or serious disease-related complications compared to colistin therapy.

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