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Silicon Valley Bank Provides up to $50MM to Achaogen

March 02, 2018, 07:16 AM
Filed Under: Pharmaceuticals

Achaogen, Inc., a late-stage biopharmaceutical company developing innovative antibacterials addressing multi-drug resistant (MDR) gram-negative infections, has entered into a new secured credit facility with Silicon Valley Bank (SVB), the bank of the world's most innovative companies and their investors. This facility provides up to $50 million of capital to Achaogen for general corporate purposes, including repayment of outstanding debt.

"This new debt facility strengthens our financial position as we continue to invest in the potential launch of our lead product candidate, plazomicin, and support the development of our second product candidate, C-Scape," said Tobin Schilke, Achaogen's Chief Financial Officer. "Silicon Valley Bank has an excellent track record of supporting innovative life science companies, for which we are grateful, as we advance our mission of treating serious gram-negative infections caused by multi-drug resistant bacteria."

"We're proud to support Achaogen as the company advances and expands its pipeline of innovative antibacterial treatments for MDR gram-negative infections," said Jackie Spencer, director in the Life Science and Healthcare Practice at Silicon Valley Bank. "Our objective is to provide the best financing, connections and global services to help Achaogen be successful."

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