Bankrupt biopharmaceutical company Achaogen Inc. filed a Chapter 11 liquidation plan with limited recovery for secured and unsecured creditors.
The plan was filed Monday jointly by Achaogen and the committee of unsecured creditors in the U.S. Bankruptcy Court for the District Delaware.
The San Francisco-based company, which specialized in developing antibiotics to treat drug-resistant bacteria, has sold most of its assets since filing Chapter 11 in April 2019.
Archaogen’s flagship product was ZEMDRI (Plazomicin), used to treat adults with complicated urinary tract infections. The drug was supported by $124.4 million from the Department of Health and Human Services as part ...
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