Achaogen Inc., a biopharmaceutical company developing innovative antibacterial agents to address multi-drug resistant gram-negative infections, has filed for Chapter 11 bankruptcy protection in Delaware.
The San Francisco-based company has the support of its secured lender Silicon Valley Bank, which has made a $25 million financing commitment to fund the company’s operations through an auction and sale process, according to an April 15 company news release. This commitment should provide the company with “sufficient liquidity to continue to meet its operational and financial obligations to patients, physicians, suppliers, and employees,” the news release said.
Judge Brendan Linehan Shannon of the ...
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