On Friday, ContraFect Corporation (NASDAQ:CFRX) remained among the day gainers losers and traded with change of 29.47% on volume of 2985624 shares in the last session as compared to average volume of 437225 shares. During last trade its minimum price was $0.32 and it gained highest price of $0.48. CFRX has total market capitalization of $55077269. Its closing value stands at $0.43.
ContraFect Corporation (NASDAQ:CFRX) a clinical-stage biotechnology company focused on discovering and developing direct lytic agents for the treatment of life-threatening infectious diseases, declared that it has commenced an underwritten public offering of shares of its common stock. ContraFect also disclosed that Pfizer Inc. has entered into a stock purchase agreement with ContraFect pursuant to which Pfizer has agreed to purchase up to $3 million of shares of ContraFect’s common stock, at a price per share equal to the price per share in the proposed public offering, in a separate private placement transaction that is expected to close concurrently with the public offering. The public offering is subject to market conditions and the private placement is contingent upon the closing of the public offering, and there can be no assurance as to whether or when the public offering and private placement may be completed, or the actual size or terms of the public offering and private placement. All shares in the public offering and private placement are to be sold by ContraFect.
Our mission at ContraFect is to bring superior outcomes to patients who suffer from virulent and highly-resistant infections. We are pleased to announce this investment by Pfizer, as it shows their commitment to patients and a spirit of innovation in combating this global health crisis, said Roger J. Pomerantz, M.D., Chairman and Chief Executive Officer of ContraFect.
There is a high unmet medical need for new therapeutic modalities to address antibiotic resistant bacteria that can cause life threatening infections, said Annaliesa Anderson, PhD, FAAM, Vice President and Chief Scientific Officer, Bacterial Vaccines and Hospital, Pfizer, We look forward to supporting ContraFect as they work to advance novel first-in-class biological therapies with the potential to directly kill bacteria such as methicillin-resistant Staphylococcus aureus (MRSA) in a targeted manner. In connection with the private placement to Pfizer, Dr. Anderson will join ContraFect’s Science & Technology Committee as an observer.
ContraFect intends to use the net proceeds of the public offering and private placement to fund initiation of its Phase 3 DISRUPT trial of exebacase (CF-301) in Staph aureus bacteremia, including right-sided endocarditis, to fund advancement of its portfolio, including IND-enabling activities for an engineered gram-negative lysin directly targeting highly-resistant Pseudomonas aeruginosa, and for working capital and other general corporate purposes.
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