ContraFect Announces Additional $2.3 Million in Funding from CARB-X to Support Gram-Negative Lysin Program
January 17 2019 - 7:00AM
ContraFect Corporation
(Nasdaq:CFRX), a clinical-stage biotechnology
company focused on the discovery and development of protein and
antibody therapeutics for life-threatening, drug-resistant
infectious diseases, today announced that the Combating Antibiotic
Resistant Bacteria Biopharmaceutical Accelerator (CARB-X) has
awarded the Company $2.3 million in additional funding over the
course of the next two years. The Company will use the grant for
the development of lysin therapeutics to treat serious, potentially
life-threatening invasive infections caused by antibiotic-resistant
Pseudomonas aeruginosa (P. aeruginosa), a virulent Gram-negative
pathogen. This is an increase to the original CARB-X option amount
of $1.0 million, part of the Company’s grant from CARB-X in March
of 2017.
“We are pleased to have been awarded this
additional funding from CARB-X. This follows our recent
announcement of positive topline data from the Phase 2 trial of our
lead lysin candidate exebacase, or CF-301, for the treatment of
Staph aureus bacteremia, including endocarditis, which establishes
clinical proof of concept for lysins as therapeutic agents. P.
aeruginosa is a major cause of morbidity and mortality, often
related to hospital acquired pneumonia, and is a major medical
challenge, particularly for patients with cystic fibrosis. We look
forward to advancing this program into the clinic as rapidly as
possible,” said Cara Casino, M.D., Executive Vice President of
Research & Development and Chief Medical Officer of
ContraFect.
“We view this additional funding from CARB-X as
continued validation of our novel lysin platform, which underscores
the opportunity to combat highly resistant Gram-negative pathogens,
considered to be the greatest threats to global health by both the
CDC and WHO, with our proprietary lysin candidates.” said Steven C.
Gilman, Ph.D., Chairman and Chief Executive Officer of
ContraFect.
About CARB-X:
CARB-X is the world's largest public-private
partnership devoted to antibacterial preclinical R&D. Funded by
BARDA, Wellcome Trust, and NIAID, it will spend $450 million from
2017-2021 to support innovative products moving towards human
clinical trials. CARB-X focuses on high priority drug-resistant
bacteria, especially Gram-negative organisms. CARB-X is a
charitable global public-private partnership led by Boston
University School of Law. Other partners include the Broad
Institute of Harvard and MIT, MassBio, the California Life Sciences
Institute and RTI International. For more information, please visit
www.carb-x.org and follow them on Twitter @CARB-X.
About ContraFect:
ContraFect is a biotechnology company focused on
discovering and developing therapeutic protein and antibody
products 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 lysin and monoclonal antibody platforms to target
conserved regions of either bacteria or viruses (regions that are
not prone to mutation). Lysins are a new therapeutic class of
bacteriophage-derived, recombinantly produced, antimicrobial
proteins with a novel mechanism of action associated with the rapid
killing of target bacteria, including antibiotic-resistant strains.
ContraFect’s lead lysin candidate, exebacase (CF-301) is completing
a Phase 2 clinical trial for the treatment of Staphylococcus aureus
(Staph aureus) bacteremia, including endocarditis and is the first
lysin to enter clinical studies in the U.S.
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 the company’s ability to
discover and develop protein and antibody therapeutics for
life-threatening, drug-resistant infectious diseases, whether the
company will use the grant for the development of lysin
therapeutics to treat serious, potentially life-threatening
invasive infections caused by antibiotic-resistant P. aeruginosa,
whether the company will meet requirements to receive all of the
funding over the course of the next two years, whether the company
can rapidly advance this program to the clinic, whether this
additional funding from CARB-X is continued validation of the
company’s novel lysin platform, and whether it underscores the
opportunity to combat highly resistant Gram-negative pathogens,
statements made regarding CARB-X, statements made regarding topline
data from the Phase 2 trial, including whether it establishes
clinical proof of concept for lysins as therapeutic agents, the
company’s ability to address life threatening infections using its
therapeutic product candidates from its lysin and monoclonal
antibody platforms to target conserved regions of either bacteria
or viruses, , whether lysins are a new therapeutic class of
bacteriophage-derived, recombinantly produced, antimicrobial
proteins with a novel mechanism of action associated with the rapid
killing of target bacteria, including antibiotic-resistant strains,
and statements made regarding the completion of Phase 2.
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 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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