ContraFect (CFRX) Prices 10M Share Common Offering at $5/Sh

March 18, 2021 6:03 AM EDT

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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 10,000,000 shares of its common stock at a public offering price of $5.00 per share. ContraFect has also granted the underwriters a 30-day option to purchase up to an additional 1,500,000 shares of its common stock. The gross proceeds from the public offering will be $50 million, before deducting underwriting discounts and commissions and offering expenses payable by ContraFect and excluding any exercise of the underwriters' option to purchase additional shares. All shares in the offering are to be sold by ContraFect.

SVB Leerink and Cantor are acting as joint bookrunning managers for the offering. Mizuho Securities is acting as a passive bookrunning manager for the offering. Maxim Group LLC is acting as a co-manager for the offering.

ContraFect intends to use the net proceeds of the offering to fund the completion of the exebacase Phase 3 development program for potential BLA submission for the treatment of Staph aureus bacteremia, including right-sided endocarditis, to fund a Phase 1/2 safety and efficacy trial for exebacase as a treatment for patients with chronic post-operative Staphylococcal prosthetic joint infections, to fund the acceleration of investigational new drug-enabling activities and a Phase 1a/1b trial of CF-370, an engineered gram-negative lysin directly targeting Pseudomonas aeruginosa, and for working capital and other general corporate purposes.

The offering is expected to close on or about March 22, 2021, subject to customary closing conditions.

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 August 14, 2020 and declared effective on August 31, 2020.



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