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Share Name | Share Symbol | Market | Type |
---|---|---|---|
ContraFect Corporation | NASDAQ:CFRX | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.2318 | 0.226 | 0.2261 | 0 | 01:00:00 |
“We continued to advance the Phase 3 DISRUPT superiority study of our FDA designated Breakthrough Therapy new modality drug candidate, exebacase, while taking steps to meaningfully strengthen the Company’s financial position. We were very pleased to have received a significant CARB-X award, an important acknowledgment of our novel approach to developing medicines for infectious disease. ContraFect also completed a successful public offering and private placement which have provided valuable resources that will support our efforts to develop potentially transformative, first-in-class, first-in-field treatments for life-threatening infections,” said Roger J. Pomerantz, M.D., President, Chief Executive Officer, and Chairman of ContraFect.
Q2 2020 Highlights and Recent Developments
Ongoing COVID-19 Response
Second Quarter 2020 Financial Results
About DISRUPT:
DISRUPT is an ongoing, randomized, double-blind, placebo-controlled, multi-center Phase 3 clinical study of exebacase for the treatment of Staph aureus bacteremia, including right-sided endocarditis. This study compares the efficacy, safety and tolerability of exebacase used in addition to SOC antibiotics to SOC antibiotics alone. DISRUPT is designed to enroll approximately 350 patients randomized 2:1 to receive either a single dose of exebacase administered as a 2-hour IV infusion in addition to SOC antibiotics or placebo plus SOC antibiotics. The primary efficacy endpoint is clinical response at day 14. Secondary endpoints include clinical response at Day 14 in all Staph aureus patients (MRSA and MSSA), 30-day all-cause mortality in MRSA patients, and clinical response at day 30 and day 60 in both MRSA and all Staph aureus patients. The principal investigator is Dr. Vance Fowler, Professor of Medicine in the Division of Infectious Diseases at Duke University.
About Exebacase (CF-301):
Exebacase is a recombinantly-produced lysin (cell wall hydrolase enzyme) with potent bactericidal activity against Staph aureus, a major cause of bloodstream infections (BSIs) also known as bacteremia. Exebacase has the potential to be a first-in-class treatment for Staph aureus bacteremia. It has a novel, rapid, and specific mechanism of action that targets the peptidoglycan cell wall that is vital to Staph aureus bacteria. In addition, in vitro and in vivo experiments have shown that exebacase is highly active against biofilms which complicate Staph aureus infections. Exebacase was licensed from The Rockefeller University and is being developed at ContraFect.
About ContraFect:
ContraFect is a biotechnology company focused on discovering and developing differentiated biologic therapies 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 platform of DLAs, which include lysins and amurin peptides. Lysins are a new class of DLAs which are recombinantly produced antimicrobial proteins with a novel mechanism of action associated with the rapid killing of target bacteria, eradication of biofilms and synergy with conventional antibiotics. Amurin peptides are a new class of DLAs, which exhibit broad-spectrum activity against a wide range of antibiotic-resistant Gram-negative pathogens, including Pseudomonas aeruginosa (P. aeruginosa), Acinetobacter baumannii, and Enterobacter species. We believe that the properties of our lysins and amurin peptides will make them suitable for targeting antibiotic-resistant organisms, such as MRSA and P. aeruginosa, which can cause serious infections such as bacteremia, pneumonia and osteomyelitis. Our lead lysin candidate, exebacase, was granted Breakthrough Therapy designation by the FDA for the treatment of MRSA bloodstream infections (bacteremia), including right-sided endocarditis, when used in addition to standard-of-care (SOC) anti-staphylococcal antibiotics in adult patients.
Follow ContraFect on Twitter @ContraFectCorp and LinkedIn.
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: whether the public equity offering, Pfizer private placement and CARB-X grant will advance the Company’s lead product candidates, statements made by Dr. Pomerantz, ContraFect’s ability to discover and develop DLAs as new medical modalities for the treatment of life-threatening, antibiotic-resistant infections, whether CARB-X will award the Company up to $18.9 million, whether the Company receives the $4.9 million, the Company’s ability to meet project milestones and receive additional funding, the availability of funding, whether the Company will continue to monitor the impact of COVID-19 on its business, whether the Company will primarily focus on the health and safety of its employees, statements made regarding how COVID-19 has affected the Company’s Phase 3 DISRUPT study, clinical trial site opening and patient enrollment, whether exebacase has the potential to be a first-in-class treatment for Staph aureus bacteremia, the Company’s financial results, financial position, balance sheets and statements of operations, ContraFect’s ability to discover and develop differentiated biologic therapies for life-threatening, drug-resistant infectious diseases, whether lysins are a new class of DLAs which are recombinantly produced, antimicrobial proteins with a novel mechanism of action associated with the rapid killing of target bacteria, eradication of biofilms and synergy with conventional antibiotics, whether amurins are a new class of DLAs which exhibit broad-spectrum activity against a wide range of antibiotic-resistant Gram-negative pathogens, and whether the properties of ContraFect’s lysins and amurins will make them suitable for targeting antibiotic-resistant organisms, such as MRSA and P. aeruginosa. 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 under the caption “Risk Factors” 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.
CONTRAFECT CORPORATIONCondensed Balance Sheets
June 30, 2020 | December 31, 2019 | ||||
(unaudited) | (audited) | ||||
Assets | |||||
Current assets: | |||||
Cash and cash equivalents................................................................................................................................................................................. | $ | 30,819,397 | $ | 24,184,140 | |
Short-term marketable securities........................................................................................................................................................................ | 8,831,981 | — | |||
Prepaid expenses and other current assets........................................................................................................................................................ | 5,327,699 | 6,575,375 | |||
Total current assets....................................................................................................................................................................................................... | 44,979,077 | 30,759,515 | |||
Long-term marketable securities................................................................................................................................................................................... | 18,686,836 | — | |||
Property and equipment, net......................................................................................................................................................................................... | 1,004,389 | 1,099,948 | |||
Operating lease right-of-use assets.............................................................................................................................................................................. | 2,930,022 | 3,043,826 | |||
Other assets.................................................................................................................................................................................................................. | 105,420 | 105,420 | |||
Total assets................................................................................................................................................................................................................... | $ | 67,705,744 | $ | 35,008,709 | |
Liabilities and stockholders’ equity | |||||
Current liabilities............................................................................................................................................................................................................ | 5,894,333 | 10,057,950 | |||
Warrant liabilities........................................................................................................................................................................................................... | 44,349,846 | 6,068,978 | |||
Long-term portion of lease liabilities.............................................................................................................................................................................. | 3,115,284 | 3,264,128 | |||
Other liabilities............................................................................................................................................................................................................... | 72,747 | 72,747 | |||
Total liabilities................................................................................................................................................................................................................ | 53,432,210 | 19,463,803 | |||
Total stockholders’ equity............................................................................................................................................................................................... | 14,273,534 | 15,544,906 | |||
Total liabilities and stockholders’ equity.......................................................................................................................................................................... | $ | 67,705,744 | $ | 35,008,709 |
CONTRAFECT CORPORATIONUnaudited Statements of Operations
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Operating expenses: | |||||||||||||||
Research and development...................................................... | $ | 5,544,000 | $ | 4,804,076 | $ | 10,648,441 | $ | 8,911,216 | |||||||
General and administrative....................................................... | 2,618,797 | 2,603,403 | 5,578,697 | 4,857,996 | |||||||||||
Total operating expenses............................................................... | 8,162,797 | 7,407,479 | 16,227,138 | 13,769,212 | |||||||||||
Loss from operations...................................................................... | (8,162,797 | ) | (7,407,479 | ) | (16,227,138 | ) | (13,769,212 | ) | |||||||
Other (expense) income: | |||||||||||||||
Interest income........................................................................... | 25,546 | 104,441 | 95,568 | 253,560 | |||||||||||
Other expense............................................................................ | (2,174,653 | ) | ― | (2,174,653 | ) | ― | |||||||||
Change in fair value of warrant liabilities.................................... | (7,305,332 | ) | (1,363,868 | ) | (6,889,499 | ) | 16,435,761 | ||||||||
Total other (expense) income........................................................... | (9,454,439 | ) | (1,259,427 | ) | (8,968,584 | ) | 16,689,321 | ||||||||
Net (loss) income......................................................................... | $ | (17,617,236 | ) | $ | (8,666,906 | ) | $ | (25,195,722 | ) | $ | 2,920,109 | ||||
Per share information: | |||||||||||||||
Basic net (loss) income per share ................................................ | $ | (0.88 | ) | $ | (1.09 | ) | $ | (1.43 | ) | $ | 0.37 | ||||
Shares used in computing basic net income (loss) per share...... | 19,991,894 | 7,940,931 | 17,661,968 | 7,940,931 | |||||||||||
Diluted net (loss) income per share............................................... | $ | (0.88 | ) | $ | (1.09 | ) | $ | (1.43 | ) | $ | 0.37 | ||||
Shares used in computing diluted net (loss) income per share..... | 19,991,894 | 7,940,931 | 17,661,968 | 7,945,768 |
The Company's financial position as of June 30, 2020 and results of operations for the three and six months ended June 30, 2020 and 2019 have been extracted from the Company's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission. The Company's financial position as of December 31, 2019 has been extracted from the Company's audited financial statements included in its Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 18, 2020. You should refer to both the Company's Quarterly Report on Form 10-Q and its Annual Report on Form 10-K for a complete discussion of financial information.
Investor Relations Contacts:
Michael Messinger ContraFect Corporation Tel: 914-207-2300 Email: mmessinger@contrafect.com
Carlo Tanzi, PhD Kendall Investor Relations Tel: 617-914-0008 Email: ctanzi@kendallir.com
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