New Delaware Chapter 11 Filing – Achaogen, Inc.
Achaogen, Inc. (NASDAQ: AKAO), a biopharmaceutical company focused on the development and commercialization of innovative antibiotic treatments headquartered in South San Francisco, CA, has filed a petition for relief under chapter 11 in the Bankruptcy Court for the District of Delaware (Case No. 19-10844). According to the First Day Declaration, Achaogen has filed as a result of an industry-wide pullback from antibiotic research, which has dried up the financing needed by Achaogen to commercialize its primary product, ZEMDRI. The First Day Declaration further explains that Achaogen has engaged in a prepetition marketing process, which did not result in any acceptable bids, and enters chapter 11 intending to sell substantially all of its assets under section 363 of the Bankruptcy Code. Kurtzman Carson Consultants is the proposed claims and noticing agent. The case has been assigned to the Honorable Brendan Linehan Shannon.
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