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YONKERS, N.Y., Nov. 12, 2019 (GLOBE NEWSWIRE) -- ContraFect Corporation (Nasdaq:CFRX), a clinical-stage biotechnology company focused on the discovery and development of direct lytic agents (DLAs), including lysins and amurin peptides, as new medical modalities for the treatment of life-threatening, antibiotic-resistant infections, today announced financial results for the third quarter ended September 30, 2019.
“The third quarter was marked by a successful end-of-Phase 2 meeting with the FDA, and we are progressing towards our goal of initiating the Phase 3 trial of exebacase in patients with Staphylococcus aureus (Staph aureus) bacteremia, including right-sided endocarditis, by the end of this year,” said Roger J. Pomerantz, MD, President, Chief Executive Officer, and Chairman of ContraFect. “This is a very exciting time for the company as we continue to lead the way with the first direct lytic agent to potentially demonstrate superiority over current standard of care and usher in a new medical modality within the antibacterial space,” he continued.
Recent Corporate Highlights
Third Quarter 2019 Financial Results
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 methicillin-resistant Staph aureus (MRSA) and P. aeruginosa, which can cause serious infections such as bacteremia, pneumonia and osteomyelitis. We have completed a Phase 2 clinical trial for the treatment of Staph aureus bacteremia, including endocarditis, with our lead lysin candidate, exebacase, which is the first lysin to enter clinical studies in the U.S.
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, ContraFect’s ability to discover and develop DLAs as new medical modalities for the treatment of life-threatening, antibiotic-resistant infections statements made regarding ContraFect’s end-of-Phase 2 meeting with the FDA, Phase 3 planning, and presented data, ContraFect’s ability to address life-threatening infections using its therapeutic product candidates from its DLA platform, 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 exhibit broad-spectrum activity against a wide range of antibiotic-resistant Gram-negative pathogens, whether the properties of ContraFect’s lysins and amurins will make them suitable for targeting antibiotic-resistant organisms, such as Staph aureus and P. aeruginosa, the Company’s balance sheets, statements of operations and financial results. 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.
Condensed Balance Sheets
|Cash and cash equivalents||$||10,501,589||$||8,320,317|
|Prepaid expenses and other current assets||2,340,520||988,799|
|Total current assets||12,842,109||31,441,052|
|Property and equipment, net||1,147,727||1,076,099|
|Operating lease right-of-use assets||3,098,179||—|
|Liabilities and stockholders’ equity|
|Long-term portion of lease liabilities||3,332,866||—|
|Total stockholders’ equity||4,218,957||5,541,960|
|Total liabilities and stockholders’ equity||$||17,443,435||$||32,872,571|
Unaudited Statements of Operations
Three Months Ended September 30,
||Nine Months Ended September 30,|
|Research and development||$||5,250,327||$||5,710,455||$||14,161,543||$||15,698,129|
|General and administrative||2,376,248||2,088,835||7,234,244||6,581,784|
|Total operating expenses||7,626,575||7,799,290||21,395,787||22,279,913|
|Loss from operations||(7,626,575||)||(7,799,290||)||(21,395,787||)||(22,279,913||)|
|Other (expense) income:|
|Interest income, net||80,747||174,778||334,307||490,170|
|Change in fair value of warrant liabilities||2,186,710||3,246,765||18,622,471||(21,830,377||)|
|Total other income (expense)||2,267,457||3,421,543||18,956,778||(21,340,207||)|
|Per share information:|
|Net loss per share of common stock, basic and diluted||$||(0.07||)||$||(0.06||)||$||(0.03||)||$||(0.58||)|
|Basic and diluted weighted average shares outstanding||79,409,556||77,447,599||79,409,556||74,934,774|
The Company's financial position as of September 30, 2019 and results of operations for the three and nine months ended September 30, 2019 and 2018 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, 2018 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 14, 2019. 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.
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