ContraFect Corporation (CFRX) announced substantial progress in its Phase 3 DISRUPT study of exebacase for Staph aureus bloodstream infections. This includes a contract award from BARDA, amounting to up to $86.8 million, aiding the study's advancement. The company raised $57.5 million through a stock offering, bolstering its cash position to support both exebacase and preclinical programs. Financial results for Q4 2020 show a reduced net loss of $6.4 million and a strong cash position of $42.5 million as of year-end, positioning the company well for upcoming milestones.
ContraFect Corporation (Nasdaq: CFRX) announced the closing of a public offering of 11,500,000 shares at $5.00 per share, generating gross proceeds of $57.5 million. This offering included 1,500,000 shares sold under the underwriters' option. The funds will support the company’s development of direct lytic agents for treating life-threatening infectious diseases. SVB Leerink and Cantor acted as joint bookrunning managers. The offering was conducted under a previously effective shelf registration statement.
ContraFect Corporation (Nasdaq: CFRX) has priced an underwritten public offering of 10,000,000 shares at $5.00 per share, aiming to raise approximately $50 million in gross proceeds. The offering includes a 30-day option for underwriters to purchase an additional 1,500,000 shares. Proceeds will support the Phase 3 development program of exebacase for treating Staph aureus bacteremia, a Phase 1/2 trial for chronic Staphylococcal prosthetic joint infections, and accelerate the CF-370 trial against Pseudomonas aeruginosa. The offering is expected to close on March 22, 2021.
ContraFect Corporation (Nasdaq: CFRX) announced a public offering of its common stock, with underwriters granted a 30-day option to purchase an additional 15%. The offering is subject to market conditions and the actual size is uncertain. The funds raised will primarily support the Phase 3 development of exebacase for treating Staph aureus bacteremia and other clinical trials. SVB Leerink and Cantor are acting as joint book running managers. This offering follows a previously effective shelf registration statement filed with the SEC.
ContraFect Corporation (CFRX) has secured a $9.8 million initial funding contract from the Biomedical Advanced Research and Development Authority (BARDA) to support its Phase 3 DISRUPT study of exebacase for treating Staph aureus bloodstream infections. An additional $77 million may be available upon achieving key milestones. The study, which started in 2020, is examining exebacase's effectiveness against antibiotic-resistant infections, aiming for FDA approval. An interim analysis is expected in H2 2021.
ContraFect Corporation (Nasdaq:CFRX) announced the appointment of Dr. Jane F. Barlow to its board of directors, enhancing the company's expertise in market access and payer reimbursement. Dr. Barlow, a recognized leader in healthcare economics, has extensive experience in evaluating innovative therapies. This strategic addition comes as ContraFect is enrolling patients in its pivotal Phase 3 DISRUPT trial for exebacase, a drug designated as a Breakthrough Therapy for treating complicated Staph aureus infections. The company aims to leverage Dr. Barlow's knowledge to optimize the clinical use and market positioning of exebacase.
ContraFect Corporation (CFRX) announced its Q3 2020 financial results, showing a GAAP net income of $3.4 million, or $0.12 per share, reversing a net loss of $5.4 million in Q3 2019. The company received significant funding from CARB-X and the Cystic Fibrosis Foundation to advance its product candidates, including CF-370 for Pseudomonas aeruginosa. An expanded access program for exebacase was initiated for COVID-19 patients with MRSA infections. R&D expenses decreased to $4.7 million while G&A expenses slightly increased to $2.6 million.
ContraFect Corporation (Nasdaq: CFRX) announced the initiation of an expanded access program for exebacase, targeting persistent bacteremia caused by Staphylococcus aureus (MRSA) in COVID-19 patients. This follows FDA's Breakthrough Therapy designation for exebacase. The expanded access allows severely ill COVID-19 patients, ineligible for the ongoing Phase 3 study, to access treatment. Results from a Phase 2 study indicate exebacase may improve clinical outcomes and reduce mortality in MRSA bacteremia cases. The company also continues compassionate use programs for patients with chronic post-operative infections.
ContraFect Corporation (Nasdaq: CFRX) announced that CEO Roger J. Pomerantz will participate in a Fireside Chat at the 2020 Cantor Global Virtual Healthcare Conference on September 16, 2020, at 9:20 AM ET. The event will be streamed live and archived on the company's website. ContraFect specializes in developing direct lytic agents for antibiotic-resistant infections, including its lead candidate, exebacase, which is in a pivotal Phase 3 trial and has received Breakthrough Therapy designation from the FDA for treating MRSA bloodstream infections.
ContraFect Corporation (CFRX) announced significant progress in its clinical studies and financial position as of Q2 2020. The Phase 2 study results of exebacase were published, demonstrating clinical proof-of-concept, while the ongoing Phase 3 DISRUPT study continues with patient enrollment. The company secured $52.5 million from a public offering and a $3 million private placement with Pfizer, alongside an $18.9 million CARB-X grant. Despite a net loss of $17.6 million, ContraFect maintains a cash position of $58.3 million as it pushes forward with its drug development strategies.