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ContraFect Corporation (CFRX) is a pioneering biotechnology company dedicated to combating life-threatening infectious diseases, particularly those prevalent in hospital settings. Given the alarming rise of drug-resistant and newly-emerging pathogens, hospital-acquired infections have become the fourth leading cause of death in the United States, following heart disease, cancer, and stroke.
ContraFect's core business revolves around the development and commercialization of protein and antibody therapeutic products. The company leverages its innovative lysin and monoclonal antibody platforms to target conserved regions of bacteria and viruses. Lysins are enzymes produced during the life cycle of bacteriophages, which are viruses that infect and kill bacteria. This unique approach positions ContraFect at the forefront of antimicrobial therapy, especially against multi-drug resistant pathogens.
Recent achievements have solidified ContraFect's leadership in this critical field. The company has made significant strides in advancing its therapeutic candidates through various stages of clinical development. These efforts are underscored by strategic partnerships and collaborations aimed at accelerating the discovery, acquisition, and development of novel protein and antibody products.
Financially, ContraFect remains committed to transparency and growth. The latest quarterly results reflect the company's robust financial health and strategic investments in research and development. These investments are crucial for maintaining its competitive edge and ensuring the successful commercialization of its therapeutic products.
ContraFect's dedication to addressing life-threatening infectious diseases is evident in its ongoing projects and future plans. The company continues to explore new avenues for therapeutic discovery, aiming to deliver first-in-class treatments that can effectively manage and eradicate drug-resistant infections.
For more detailed updates, follow ContraFect on Twitter @ContraFectCorp and LinkedIn, or contact their investor relations team.
ContraFect Corporation (Nasdaq: CFRX) announced its selection for an oral presentation and three poster presentations at the upcoming 33rd European Congress of Clinical Microbiology & Infectious Diseases (ECCMID) from April 15-18, 2023, in Copenhagen.
The presentations will showcase the efficacy of its lead products, CF-370 and exebacase, against drug-resistant infections, specifically targeting Pseudomonas aeruginosa. CF-370 exhibited significant in vitro bactericidal activity against multi-drug resistant strains.
Highlighting the importance of combating antibiotic resistance, the company aims to address a critical health challenge, with an estimated 700,000 global deaths attributed to such infections annually. The data presented will be accessible post-meeting on ContraFect's website.
ContraFect Corporation (CFRX), a clinical-stage biotechnology company, has initiated a Phase 1b/2 clinical study of its drug exebacase for treating chronic prosthetic joint infections (PJI) caused by Staphylococcus aureus or Coagulase-Negative Staphylococci. This randomized, double-blind trial conducted in France will assess the safety and efficacy of exebacase administered during a debridement procedure. The study aims to offer a new treatment option for patients suffering from difficult-to-treat infections, addressing high recurrence rates and improving patient outcomes. This milestone follows positive compassionate use data and the expectation of advancing another program, CF-370, into Phase 1 later this year.
ContraFect Corporation (CFRX) has reported its fourth quarter and full year financial results for 2022, revealing a net loss of $9.8 million, or $16.14 per share, compared to a loss of $4.4 million, or $8.95 per share, in Q4 2021. The net loss for the full year was $65.2 million, or a loss of $124.97 per share, up from $20.3 million, or $44.12 per share, in 2021. The company’s R&D expenses decreased to $4.4 million in Q4 from $11.0 million in the same period last year, while total annual R&D expenses rose to $44.7 million. Significant capital raises totaling $15.3 million are expected to support ongoing clinical trials, including a Phase 1b/2 study for exebacase.
ContraFect Corporation (Nasdaq: CFRX) announced a securities purchase agreement with an institutional investor, enabling the purchase of approximately $10 million in common stock and associated warrants. Each share's effective purchase price is $4.00, with 128,000 shares and pre-funded warrants for 2,372,000 shares to be issued. Additionally, warrants to purchase up to 5,000,000 shares are part of a concurrent private placement. The offering is set to close around March 2, 2023, pending customary conditions. This transaction is executed under an existing shelf registration statement, focusing on funding for its direct lytic agents aimed at treating antibiotic-resistant infections.
ContraFect Corporation (CFRX) announced the database lock of its Phase 3 DISRUPT study for exebacase targeting Staph aureus bacteremia. An interim futility analysis highlighted a clinical response of 52.7% in the exebacase arm versus 58.6% in the placebo arm. The study's enrollment was halted due to insufficient conditional power. Despite a promising safety profile, CEO Roger Pomerantz indicated the trial results are 'uninterpretable' due to unexpected responses in the placebo group. The company plans further studies and aims to initiate a Phase 1b/2 study in early 2023.
ContraFect Corporation (Nasdaq: CFRX) has announced a securities purchase agreement with an institutional investor for approximately $7.0 million of its common stock and warrants. The offering includes 4,350,000 shares of common stock and pre-funded warrants to purchase 49,913,565 shares. The purchase price is set at $0.129 per share. This transaction is expected to close around December 15, 2022 and is conducted under a shelf registration statement effective since August 31, 2020. Maxim Group LLC is the sole placement agent for this offering.
ContraFect Corporation (Nasdaq: CFRX) announced the authorization of its Clinical Trial Application (CTA) by the ANSM for a study on exebacase, aimed at treating chronic prosthetic joint infections (PJI) caused by Staphylococcus aureus or Coagulase-Negative Staphylococci. This Phase 1b/2 double-blind, placebo-controlled trial in France will assess the safety, efficacy, and clinical outcomes of exebacase in the DAIR procedure. The company views this as a pivotal moment to change treatment practices in an underserved medical area, with follow-up assessments spanning up to two years.
ContraFect Corporation (CFRX) reported its Q3 2022 financial results, showcasing a net loss of $17.1 million or $0.43 per share, widening from a loss of $5.3 million or $0.13 per share year-over-year. R&D expenses rose to $10.8 million, driven by clinical activities and non-clinical studies, while G&A expenses were $3.4 million. The company is advancing exebacase and CF-370 into new clinical studies, submitting a CTA for exebacase in chronic prosthetic joint infections, with dosing expected in Q1 2023. Cash reserves stand at $17.6 million as of September 30, 2022.
ContraFect Corporation (Nasdaq: CFRX) has published an editorial in the Journal of Bone and Joint Infection highlighting the potential of its lysins, exebacase and CF-296, in treating bone and joint infections, particularly those caused by coagulase-negative staphylococci. The editorial emphasizes the agents' anti-biofilm activity as a solution to challenges posed by traditional antibiotics. Concurrently, a study published in Antimicrobial Agents and Chemotherapy confirmed exebacase's significant effectiveness against biofilms of Staphylococcus epidermidis.
ContraFect Corporation (CFRX) presented positive data on its LysinDAIR procedure for treating chronic knee prosthetic joint infections (PJI) at the European Bone and Joint Infection Society meeting. The exploratory study showed no serious adverse events related to exebacase in patients. In one cohort of patients, no relapses were reported up to 36 months post-treatment. The results suggest potential for exebacase in blinded clinical studies targeting MRSA and coagulase-negative staph infections. Further randomized clinical trials are warranted to validate these findings and explore therapeutic potential.
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