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ContraFect Corporation (Nasdaq:CFRX) announced that CARB-X will provide up to $18.9 million in funding for its product candidate, CF-370, aimed at treating Pseudomonas aeruginosa infections. The initial funding of $4.9 million will support IND-enabling activities leading to Phase 1 trials. CF-370 has shown strong in vitro and in vivo antibacterial activity and was nominated for development based on its safety profile. This new funding complements previous awards of $3.4 million given in 2017 and 2019, emphasizing ContraFect's commitment to combating antibiotic-resistant infections.
ContraFect Corporation (CFRX) announced positive Phase 2 study results for exebacase, a treatment for Staph aureus bacteremia. The study showed a clinical responder rate of 70.4% for exebacase plus standard antibiotics versus 60.0% for antibiotics alone. Notably, the exebacase group experienced a 21% reduction in 30-day all-cause mortality. These findings support FDA Breakthrough Therapy designation and inform the ongoing Phase 3 DISRUPT study. The publication in the Journal of Clinical Investigation underlines the significance of exebacase in addressing antibiotic-resistant infections.
ContraFect Corporation (Nasdaq:CFRX) has appointed Dr. Lishan Aklog to its board of directors, enriching its leadership as it advances to pivotal Phase 3 trials for exebacase, targeting antibiotic-resistant infections. Dr. Aklog, with extensive experience in healthcare innovation and a background in cardiac surgery, expressed enthusiasm about joining at a critical juncture post-positive Phase 2 results. The FDA has granted Breakthrough Therapy designation for exebacase, reinforcing its potential impact against MRSA bloodstream infections.
ContraFect Corporation (CFRX), a clinical-stage biotechnology firm, has announced a stock purchase agreement with Pfizer (PFE) to buy 674,156 shares and a warrant for 505,617 shares, totaling approximately $3 million. The deal is contingent on the closing of a public offering set for May 27, 2020. Funds from this placement will support the Phase 3 DISRUPT trial of exebacase, aimed at treating Staph aureus bacteremia, along with advancing other projects. Exebacase has received Breakthrough Therapy designation from the FDA.
ContraFect Corporation (Nasdaq: CFRX) announced a public offering of 11,797,752 shares of common stock with related warrants to purchase 8,848,314 shares, priced at $4.45 per share. The offering aims to generate approximately $52.5 million in gross proceeds, which will fund the Phase 3 DISRUPT trial for exebacase (CF-301) in Staph aureus bacteremia, IND-enabling activities for CF-370, and general corporate needs. The anticipated closing date is May 27, 2020.
ContraFect Corporation (Nasdaq: CFRX) has announced an underwritten public offering of its common stock and warrants, subject to market conditions. The proceeds will support the Phase 3 DISRUPT trial of exebacase (CF-301) for treating Staph aureus bacteremia and fund activities for CF-370, a targeted treatment for Pseudomonas aeruginosa, along with general corporate purposes. Mizuho Securities USA LLC and Cantor Fitzgerald & Co. are managing the offering, conducted under an effective shelf registration with the SEC.
ContraFect Corporation (Nasdaq:CFRX) reported its Q1 2020 financial results, showing a net loss of $7.6 million ($0.49 per share) compared to net income of $11.6 million ($1.46 per share) in Q1 2019. The increase in R&D expenses, up to $5.1 million from $4.1 million, was driven by higher drug supply manufacturing costs. The FDA granted Breakthrough Therapy designation for exebacase to treat MRSA bloodstream infections, following promising Phase 2 trial results. Patient enrollment for the Phase 3 DISRUPT study continues despite some COVID-19 related delays, with ongoing trials expected to yield significant clinical insights.
ContraFect Corporation (Nasdaq:CFRX) announced the publication of four abstracts at the 30th ECCMID, focusing on its direct lytic agents (DLAs) aimed at treating antibiotic-resistant infections. CEO Roger J. Pomerantz emphasized the urgency of developing new therapies during the COVID-19 pandemic. Key highlights include ongoing Phase 3 trials for exebacase, demonstrating potential efficacy in Staph aureus infections, and promising results for CF-370 against Pseudomonas aeruginosa. The company aims to address high mortality rates associated with antibiotic resistance.