ContraFect Corp., a biotechnology company based in Yonkers, announced that Maxim Group L.L.C., the underwriter of its initial public offering, has exercised its over-allotment option in connection with the IPO, which closed Aug. 1.
Maxim Group is purchasing 880,333 additional units at the initial public offering price of $6 per unit, minus underwriting discounts and expenses. With this exercise, ContraFect”™s IPO totaled 6,880,333 units, with gross proceeds of $41,281,998, of which $5,281,998 was raised via Maxim”™s exercise of the over-allotment option. The underwriter”™s total over-allotment option was for 900,000 additional units.
The units are listed on the Nasdaq Capital Market, an exchange for corporations with small market capitalizations, and trade under the symbol CFRXU. Maxim acted as the sole book-running manager of the offering.
In an email sent to the Business Journal in July, ContraFect CEO Julia P. Gregory said the company would use the proceeds of the offering to further its work developing treatments for Staph bloodstream infections and influenza, as well as research and general corporate purposes.
