ContraFect Corporation
(Nasdaq:CFRX), a clinical-stage biotechnology
company focused on the discovery and development of direct lytic
agents (DLAs), including lysins and amurin peptides, as new medical
modalities for the treatment of life-threatening,
antibiotic-resistant infections, today announced a one-for-ten
reverse stock split of its shares of common stock. Stockholders of
ContraFect approved an amendment to the Company’s Certificate of
Incorporation to effect the reverse stock split at a Special
Meeting of Stockholders held on January 31, 2020. The reverse stock
split is intended to give ContraFect greater flexibility in
considering and planning for future potential business needs and to
increase the per share trading price of the Company’s common stock
to satisfy the $1.00 minimum price requirement for continued
listing on The Nasdaq Capital Market. At approximately 5:45 p.m.,
Eastern Time, on February 3, 2020, the Company filed a Certificate
of Amendment to the Company’s Amended and Restated Certificate of
Incorporation to effect the reverse stock split with the Secretary
of State of the State of Delaware. The reverse stock split became
effective immediately upon the filing of the Certificate of
Amendment. At the opening of trading on February 4, 2020,
ContraFect expects its common stock will begin trading on a
split-adjusted basis on The Nasdaq Capital Market under the symbol
“CFRX” and under a new CUSIP number 212326300.
“We can look across today’s infectious disease
landscape and bear witness to a number of growing public health
crises. As a leader in anti-infective drug development, we hold
firm to our mandate to bring entirely new treatment modalities to
patients suffering and dying from infections which are resistant to
standard antibiotics. Using these new modalities, we aim to bring
truly meaningful medical advances that have not been observed in
decades in this critical therapeutic area,” said Roger J.
Pomerantz, MD, President, Chief Executive Officer, and Chairman of
ContraFect. “Having now completed this reverse split, we look
forward to being in full compliance with Nasdaq's continued listing
requirements, to continue to advance these new treatments to the
patients who are waiting and to deliver value to our
shareholders.”
The reverse stock split affects all issued and
outstanding shares of ContraFect’s common stock. In the reverse
stock split, every ten (10) shares of ContraFect’s common stock
outstanding will automatically be combined and reclassified into
one (1) new share of common stock. The par value of the Company’s
common stock will remain unchanged at $0.0001 per share. The
reverse stock split affects all stockholders uniformly and will not
alter any stockholder’s percentage interest in ContraFect’s equity,
except to the extent that the reverse stock split results in any
stockholders owning only a fractional share. No fractional shares
will be issued in connection with the reverse split. Holders of
common stock that would otherwise receive a fractional share of
common stock pursuant to the reverse stock split will receive cash
in lieu of the fractional share. Additionally, all ContraFect
equity awards and warrants outstanding immediately prior to the
reverse stock split will be proportionately adjusted.
American Stock Transfer & Trust Company is
acting as the exchange agent and transfer agent for the reverse
stock split. Stockholders holding their shares electronically in
book-entry form are not required to take any action to receive
post-split shares. AST will provide instructions to stockholders
with physical certificates regarding the process for exchanging
their pre-split stock certificates for book entry of the
appropriate number of post-split shares and receiving payment for
any fractional shares. Stockholders owning shares through a bank,
broker or other nominee will have their positions adjusted to
reflect the reverse stock split and will receive payment for any
fractional shares in accordance with their respective bank’s,
broker’s, or nominee’s particular processes.
Additional information regarding the reverse
stock split can be found in ContraFect’s definitive proxy statement
(Form DEF 14A), filed with the SEC on January 6, 2020, and posted
in the "Investors & Media" section of ContraFect’s website at
www.contrafect.com.
About ContraFect:
ContraFect is a biotechnology company focused on
discovering and developing differentiated biologic therapies for
life-threatening, drug-resistant infectious diseases, particularly
those treated in hospital settings. An estimated 700,000 deaths
worldwide each year are attributed to antimicrobial-resistant
infections. We intend to address life threatening infections using
our therapeutic product candidates from our platform of DLAs, which
include lysins and amurin peptides. Lysins are a new class of DLAs
which are recombinantly produced antimicrobial proteins with a
novel mechanism of action associated with the rapid killing of
target bacteria, eradication of biofilms and synergy with
conventional antibiotics. Amurin peptides are a new class of DLAs,
which exhibit broad-spectrum activity against a wide range of
antibiotic-resistant Gram-negative pathogens, including Pseudomonas
aeruginosa (P. aeruginosa), Acinetobacter baumannii, and
Enterobacter species. We believe that the properties of our lysins
and amurin peptides will make them suitable for targeting
antibiotic-resistant organisms, such as methicillin-resistant Staph
aureus (MRSA) and P. aeruginosa, which can cause serious infections
such as bacteremia, pneumonia and osteomyelitis. We have completed
a Phase 2 clinical trial for the treatment of Staph aureus
bacteremia, including endocarditis, with our lead lysin candidate,
exebacase, which is the first lysin to enter clinical studies in
the U.S.
Follow ContraFect on Twitter @ContraFectCorp and
LinkedIn.
Forward-Looking
Statements:
This press release contains, and our officers
and representatives may make from time to time, “forward-looking
statements” within the meaning of the U.S. federal securities
laws. Forward-looking statements can be identified by words
such as “projects,” “may,” “will,” “could,” “would,” “should,”
“believes,” “expects,” “anticipates,” “estimates,” “intends,”
“plans,” “potential,” “promise” or similar references to future
periods. Examples of forward-looking statements in this release
include, without limitation, statements regarding ContraFect’s
ability to discover and develop DLAs as new medical modalities for
the treatment of life-threatening, antibiotic-resistant infections,
when the common stock will begin trading on a split-adjusted basis,
statements made by the CEO, including but not limited to Nasdaq
compliance, advancing treatments and shareholder value,
ContraFect’s ability to address life threatening infections using
its DLA platform, whether lysins are a new class of DLAs
which are recombinantly produced, antimicrobial proteins with a
novel mechanism of action associated with the rapid killing of
target bacteria, eradication of biofilms and synergy with
conventional antibiotics, whether amurins exhibit broad-spectrum
activity against a wide range of antibiotic-resistant Gram-negative
pathogens and whether the properties of ContraFect’s lysins
and amurins will make them suitable for targeting
antibiotic-resistant organisms, such as Staph aureus and P.
aeruginosa. Forward-looking statements are statements that are not
historical facts, nor assurances of future performance. Instead,
they are based on ContraFect’s current beliefs, expectations and
assumptions regarding the future of its business, future plans,
strategies, projections, anticipated events and trends, the economy
and other future conditions. Because forward-looking statements
relate to the future, they are subject to inherent risks,
uncertainties and changes in circumstances that are difficult to
predict and many of which are beyond ContraFect’s control,
including those detailed under the caption “Risk Factors” in
ContraFect's filings with the Securities and Exchange
Commission. Actual results may differ from those set forth in
the forward-looking statements. Important factors that could cause
actual results to differ include, among others, our ability to
develop treatments for drug-resistant infectious diseases. Any
forward-looking statement made by ContraFect in this press release
is based only on information currently available and speaks only as
of the date on which it is made. Except as required by applicable
law, ContraFect expressly disclaims any obligations to publicly
update any forward-looking statements, whether written or oral,
that may be made from time to time, whether as a result of new
information, future developments or otherwise.
Investor Relations
Contacts:
Michael MessingerContraFect CorporationTel:
914-207-2300Email: mmessinger@contrafect.com
Lauren StivalStern Investor RelationsTel:
212-362-1200Email: lauren.stival@sternir.com
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