Achaogen grabs $72M from IPO

The antibiotics developer Achaogen raised $72 million from its IPO. The biotech sold 6 million shares at $12 a share, on the low end of its $12 to $14 share. Renaissance Capital reports that the company's insiders--who had said they were willing to buy up to 25% of the shares--did not participate in the offering. Shares of South San Francisco-based Achaogen will trade as AKAO and the biotech emerges with a market cap of $211 million. This year's Q1 biotech IPOs continue to deliver cash to the sector, following up on the big boom of 2013. Story