SOUTH SAN FRANCISCO, Calif., Nov. 22, 2016 (GLOBE NEWSWIRE) -- Achaogen, Inc. (NASDAQ:AKAO), a clinical-stage biopharmaceutical company developing novel antibacterials addressing multi-drug resistant (MDR) gram-negative infections, today announced that on November 18, 2016, the compensation committee of the Company's board of directors granted its recently appointed General Counsel, Gary Loeb, an option to purchase 71,000 shares of the Company's common stock and 15,000 Restricted Stock Units (RSUs) and eight new non-executive employees the option to purchase an aggregate of 64,500 shares of the Company's common stock and 32,225 RSUs. Each stock option has an exercise price per share equal to $4.86, which was the closing trading price on November 18, 2016, the date of the grant. The stock options were granted pursuant to the Company's 2014 Employment Commencement Incentive Plan, which was approved by the Company's board of directors in December 2014 under Rule 5635(c)(4) of The Nasdaq Global Market for equity grants to induce new employees to enter into employment with the Company.
About Achaogen
Achaogen is a clinical-stage biopharmaceutical company passionately committed to the discovery, development, and commercialization of novel antibacterials to treat MDR gram-negative infections. Achaogen is developing plazomicin, Achaogen’s lead product candidate, for the treatment of serious bacterial infections due to MDR Enterobacteriaceae, including carbapenem-resistant Enterobacteriaceae. Achaogen’s plazomicin program is funded in part with a contract from the Biomedical Advanced Research and Development Authority. Plazomicin is the first clinical candidate from Achaogen’s gram-negative antibiotic discovery engine, and Achaogen has other programs in early and late preclinical stages focused on other MDR gram-negative infections. For more information, please visit www.achaogen.com.
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