Achaogen, a biopharmaceutical company based in South San Francisco, Calif., filed for Chapter 11 bankruptcy April 15.
The drugmaker wants to sell itself through an auction process as part of the bankruptcy reorganization.
Achaogen, which was developing and commercializing antibacterial agents to address antibiotic-resistant infections, plans to continue normal business operations through the bankruptcy process.
The filing comes less than one year after the drugmaker secured FDA approval and launched its antibiotic Zemdri, used to treat adults with complicated urinary tract infections.
If the bankruptcy court approves the bankruptcy proposal, potential buyers are expected to submit bids by May 29. After the bidding process, a sale is expected to close by June 13.
Read the full news release here.