Yonkers biotech firm ContraFect Corp. has commenced an underwritten public offering of shares of its common stock.
ContraFect — a clinical-stage biotechnology company focused on discovering and developing direct lytic agents for the treatment of life-threatening infectious diseases — expects to grant the underwriters a 30-day option to purchase up to an additional 15% of the shares of its common stock sold in the offering.
The company 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, and 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.
It also expects to use the proceeds 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.
SVB Leerink and Cantor are acting as joint book running managers for the offering.
