ContraFect Corporation Prices Approximately $52.5 Million Public Offering of Common Stock and Warrants
May 21 2020 - 10:59PM
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, today announced the pricing of its underwritten public
offering of 11,797,752 shares of its common stock and related
warrants to purchase 8,848,314 shares of common stock with an
exercise price of $4.90 per share, in exchange for consideration
equating to $4.45 for one share of common stock and a warrant to
purchase 0.75 shares of common stock. The gross proceeds from the
public offering will be approximately $52.5 million, before
deducting underwriting discounts and commissions and estimated
offering expenses payable by ContraFect. All shares in the public
offering are to be sold by ContraFect.
ContraFect intends to use the net proceeds of
the public offering to continue funding 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 CF-370, an engineered
gram-negative lysin directly targeting highly-resistant Pseudomonas
aeruginosa, and for working capital and other general corporate
purposes.
The public offering is expected to close on or
about May 27, 2020, subject to customary closing conditions.
Mizuho Securities USA LLC and Cantor Fitzgerald
& Co. are acting as book-running managers for the public
offering. Maxim Group LLC is acting as lead manager for this
offering. Janney Montgomery Scott LLC is acting as co-manager
for this offering.
The public offering is being made pursuant to an
effective shelf registration statement on Form S-3 that was filed
with the U.S. Securities and Exchange Commission (SEC) on November
30, 2018 and declared effective on December 13, 2018. A preliminary
prospectus supplement describing the terms of the public offering
has been filed with the SEC. A final prospectus supplement will be
filed with the SEC and will form a part of the effective
registration statement. Copies of the final prospectus supplement
and accompanying prospectus relating to the public offering may be
obtained, when available, by contacting Mizuho Securities USA LLC,
Attention: Equity Capital Markets, 1271 Avenue of the Americas, 3rd
Floor, New York, NY 10020, or by email at US-ECM@us.mizuho-sc.com,
or by telephone at (212) 205-7600 or Cantor Fitzgerald & Co.,
Attention: Capital Markets, 499 Park Avenue, 6th Floor, New York,
NY 10022, or by email at prospectus@cantor.com.
This press release shall not constitute an offer
to sell or a solicitation of an offer to buy the securities in the
public offering, nor shall there be any sale of these securities,
in any state or other jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such state or other
jurisdiction.
Forward-Looking Statements
This press release contains, and ContraFect’s
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 the
proposed public offering of ContraFect’s common stock and warrants.
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 in
ContraFect's filings with the SEC. 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, the uncertainties related to market conditions and the
completion of the public offering on the anticipated terms or at
all, and ContraFect’s 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 Contact
Michael MessingerContraFect CorporationTel: 914-207-2300Email:
mmessinger@contrafect.com
ContraFect (NASDAQ:CFRX)
Historical Stock Chart
From Mar 2024 to Apr 2024
ContraFect (NASDAQ:CFRX)
Historical Stock Chart
From Apr 2023 to Apr 2024