ContraFect Corp., a biotechnology company based in Yonkers, on Tuesday announced the units issued in the company”™s initial public offering will separate Friday.
Each unit consists of one share of ContraFect common stock, one Class A warrant to purchase one share of common stock and one Class B warrant to purchase a half-share of common stock. Warrants give their owner the right to purchase a specified security at a set price until the date when the warrant expires.
At the opening bell Friday, the common stock, the Class A warrants and the Class B warrants will trade separately on the Nasdaq under the symbols CFRX, CFRXW and CFRXZ, respectively. The units, which are currently traded under the symbol CFRXU, will no longer be listed on the Nasdaq following the separation.
ContraFect is developing therapeutic protein and antibody treatments for drug-resistant infectious diseases.
In an email sent to the Business Journal in July, ContraFect CEO Julia P. Gregory said the company would use the proceeds of its IPO to further its work developing treatments for staph bloodstream infections and influenza, as well as research and general corporate purposes.
