New Delaware Chapter 11 Filing – Achaogen, Inc.

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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.

Contact Norman L. Pernick, G. David Dean or Myles R. MacDonald for more information regarding this matter.


As the law continues to evolve on these matters, please note that this article is current as of date and time of publication and may not reflect subsequent developments. The content and interpretation of the issues addressed herein is subject to change. Cole Schotz P.C. disclaims any and all liability with respect to actions taken or not taken based on any or all of the contents of this publication to the fullest extent permitted by law. This is for general informational purposes and does not constitute legal advice or create an attorney-client relationship. Do not act or refrain from acting upon the information contained in this publication without obtaining legal, financial and tax advice. For further information, please do not hesitate to reach out to your firm contact or to any of the attorneys listed in this publication.

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