Yonkers’ ContraFect Corp. posts $7.6M Q2 net loss

ContraFect Corp. (NASDAQ: CFRX), a Yonkers-headquartered clinical-stage biotechnology company focused on developing new medical modalities for the treatment of life-threatening, antibiotic-resistant infections, reported a net loss was $7.6 million, or a loss of $1.94 per share, for the second quarter.

In comparison, the company reported a net loss of $18.1 million, or a loss of $36.79 per share, for the second quarter of 2022. ContraFect also reported second quarter research and development expenses of $4.9 million, compared to $16.8 million one year earlier, and general and administrative expenses of $3.1 million, versus $3.3 million in the comparable period in 2022.

Roger J. Pomerantz, the company”™s chairman, president and CEO, emphasized ContraFect”™s ongoing projects as being on track for success.

“We remain on track to file an IND for our second program, CF-370, which is our engineered lysin targeting Gram-negative pathogens, in the third quarter,” he said. “If we are ultimately able to provide doctors and patients with a totally new treatment modality for infections from Pseudomonas, Acinetobacter and Klebsiella, including the extreme antibiotic-resistant strains, we have the potential to significantly improve clinical outcomes and save lives. I am pleased to be on the cusp of having CF-370 in clinical trials and at the same time enrolling patients in our Phase 1b/2 clinical study of intra-articular exebacase for the treatment of chronic prosthetic joint infections. Our programs continue to provide hope for patients suffering from these infections that there will be a much-needed change in the current standard of care for treatment of these diseases.”