ContraFect Corporation Prices Approximately $10 Million Public Offering of Common Stock
December 17 2019 - 9:25AM
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 25,650,000 shares of its common stock at a public
offering price of $0.39 per share. The gross proceeds from the
offering will be approximately $10 million, before deducting
underwriting discounts and commissions and estimated offering
expenses payable by ContraFect. All shares in the offering
are to be sold by ContraFect.
ContraFect intends to use the net proceeds of
the offering 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.
The offering is expected to close on or about
December 19, 2019, subject to customary closing conditions.
Maxim Group LLC is acting as sole book-running
manager for the offering.
The 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 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 Maxim Group
LLC, 405 Lexington Avenue, 2nd Floor, New York, NY 10174, or by
telephone at (212) 895-3745.
This press release shall not constitute an offer
to sell or a solicitation of an offer to buy the securities in the
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.
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
Lauren StivalStern Investor RelationsTel: 212-362-1200Email:
lauren.stival@sternir.com
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