Achaogen, Inc. Reports Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017
February 27, 2018 at 04:02 pm EST
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Achaogen, Inc. reported consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported contract revenue of $1,869,000 compared to $10,734,000 a year ago. Loss from operations was $42,104,000 compared to $12,062,000 a year ago. Net loss was $36,382,000 or $0.98 per diluted share compared to $29,724,000 or $1.04 per diluted share a year ago. The decrease in contract revenue during the fourth quarter and 2017 was primarily due to lower Biomedical Advanced Research and Development Authority (BARDA) contract revenues. As anticipated, fourth quarter revenue decreased by $8.9 million compared to the same period last year due to the successful completion of all funded activities and expenditure in BARDA contract for plazomicin development.
For the year, the company reported contract revenue of $11,175,000 compared to $41,773,000 a year ago. Loss from operations was $126,326,000 compared to $49,348,000 a year ago. Net loss was $125,618,000 or $3.17 per basic and diluted share compared to $71,227,000 or $3.00 per basic and diluted share 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.