ContraFect (CFRX) to Offer Common Stock

ContraFect Corporation (Nasdaq: CFRX) announced that it has commenced an underwritten public offering of shares of its common stock. ContraFect expects to grant the underwriters a 30-day option to purchase up to an additional 15% of the shares of its common stock sold in the offering. The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or the actual size or terms of the offering. All shares in the offering are to be sold by ContraFect.

SVB Leerink and Cantor are acting as joint book running managers for the offering.

ContraFect intends to use the net proceeds of the offering to fund the completion of the exebacase Phase 3 development program for potential BLA submission for the treatment of Staph aureus bacteremia, including right-sided endocarditis, to fund a Phase 1/2 safety and efficacy trial for exebacase as a treatment for patients with chronic post-operative Staphylococcal prosthetic joint infections, to fund the acceleration of investigational new drug-enabling activities and a Phase 1a/1b trial of CF-370, an engineered gram-negative lysin directly targeting Pseudomonas aeruginosa, and for working capital and other general corporate purposes.

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