Achaogen, Inc. Announces Unaudited Consolidated Earnings Results for Third Quarter and Nine Months Ended September 30, 2017
November 08, 2017 at 04:01 pm EST
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Achaogen, Inc. announced unaudited consolidated earnings results for third quarter and nine months ended September 30, 2017. For the quarter, the company reported contract revenue of $577,000, loss from operations of $36,544,000, net loss of $29,907,000 or $0.85 diluted net loss per common share compared to contract revenue of $16,046,000, loss from operations of $8,950,000, net loss of $11,038,000 or $0.41 basic and diluted net loss per common share for the same quarter a year ago.
For the nine months, the company reported contract revenue of $9,306,000, loss from operations of $84,222,000, net loss of $89,235,000 or $2.31 basic and diluted net loss per common share compared to contract revenue of $31,039,000, loss from operations of $37,286,000, net loss of $41,503,000 or $1.88 basic and diluted net loss per common share for the same period a year ago.
Achaogen, Inc. is a late-stage biopharmaceutical company. The Company is engaged in the discovery, development and commercialization of antibacterial treatments against multi-drug resistant (MDR) gram-negative infections. The Company is involved in researching and developing plazomicin, its lead product candidate, for the treatment of serious bacterial infections, including complicated urinary tract infection (cUTI), blood stream infections and other infections due to MDR Enterobacteriaceae, including carbapenem-resistant Enterobacteriaceae (CRE). Plazomicin is an intravenous aminoglycoside antibiotic. The Company has developed plazomicin by chemically modifying sisomicin, a naturally occurring aminoglycoside, in order to overcome common aminoglycoside resistance mechanisms. The Company has a portfolio of small molecule and antibody programs. The Company's Early Development programs include C-Scape and LpxC.
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