Achaogen, Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2018
August 06, 2018 at 04:01 pm EDT
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Achaogen, Inc. announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2018. For the quarter, the company reported contract revenue of $2,562,000 against $1,266,000 a year ago. The increase in contract revenue during the second quarter was primarily related to Biomedical Advanced Research and Development Authority (BARDA) C-Scape contract revenues. Loss from operations was $54,846,000 against $29,793,000 a year ago. Net loss was $49,969,000 against $26,070,000 a year ago. Diluted net loss per common share was $1.20 against $0.78 a year ago.
For the six months, the company reported contract revenue of $4,705,000 against $8,729,000 a year ago. Loss from operations was $98,682,000 against $47,677,000 a year ago. Net loss was $97,198,000 against $59,328,000 a year ago. Diluted net loss per common share was $2.19 against basic and diluted net loss per share of $1.61 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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