Achaogen announces completion of $56M Series C round of financing

Achaogen, a biopharmaceutical company focused on the discovery and development of innovative broad-spectrum antibiotics to treat life-threatening, multi-drug resistant (MDR) bacterial infections, today announced the completion of a $56 million Series C round of financing. The round was led by new investor Frazier Healthcare Ventures, and also included new investor Alta Partners. Current investors 5 AM Ventures, ARCH Venture Partners, Domain Associates, Venrock Associates, Versant Ventures and the Wellcome Trust also participated in the round. In conjunction with this financing, Robert More, general partner, Frazier Healthcare Ventures, will join the Achaogen board of directors.

“Achaogen combines excellent science with a compelling business model, blending venture capital and non-dilutive financing to advance multiple programs that have potential to address the increasing dire need for new agents to treat multi-drug resistant bacteria worldwide.”

"We appreciate the strong support of our existing investors and are pleased to welcome Frazier Healthcare Ventures and Alta Partners to the Achaogen team," stated Kevin Judice, Ph.D., chief executive officer and chief scientific officer of Achaogen. "Our mission is to discover and develop life-saving antibiotics. This financing together with non-dilutive capital that we have secured through partnerships with various government agencies will enable us to advance multiple clinical programs, including conducting a Phase 2 study in complicated urinary tract infections of ACHN-490, our lead candidate for multi-drug resistant bacterial infections."

"Frazier Healthcare is excited to work with Alta Partners and Achaogen's existing investors to support the company's growth," said Robert More, general partner, Frazier Healthcare. "Achaogen combines excellent science with a compelling business model, blending venture capital and non-dilutive financing to advance multiple programs that have potential to address the increasing dire need for new agents to treat multi-drug resistant bacteria worldwide."

Mr. More is a member of Frazier Healthcare's biopharma and medical device investment teams. Prior to Frazier Healthcare, Mr. More was a partner with Domain Associates. He has also served as the chief operating officer of Small Molecule Therapeutics. Mr. More has served on the boards of ESP Pharma (acquired by Protein Design Labs, Inc.), Proxima Therapeutics (acquired by Cytyc Corporation), Onux Medical (acquired by C.R. Bard), NovaCardia (acquired by Merck), Esprit Pharma (acquired by Allergan) and IntraLase (acquired by Advanced Medical Optics, Inc.).