YONKERS, N.Y., March 15, 2018 (GLOBE NEWSWIRE) -- ContraFect Corporation (Nasdaq:CFRX), a clinical-stage biotechnology company focused on the discovery and development of protein and antibody therapeutics for life-threatening, drug-resistant infectious diseases, today announced results for the fourth quarter and full year ended December 31, 2017.
“We were pleased by the progress we achieved in 2017, most significantly the initiation of our Phase 2 trial of CF-301 in patients with complicated bacteremia including endocarditis due to Staphylococcus aureus (Staph aureus). Enrollment remains on track, and we continue to expect to report topline data from the study in the fourth quarter of this year. In addition, the ContraFect research team presented important new microbiologic data at scientific venues throughout the year. These data extend our understanding of the antimicrobial activity and resistance profile of CF-301 and further support the therapeutic potential of CF-301 and our broader lysin pipeline,” said Steven C. Gilman, Ph.D., Chairman and Chief Executive Officer of ContraFect. “We are excited that the next wave of potential therapies to combat the global threat of antibiotic-resistant Gram-negative pathogens may emerge from our suite of Gram-negative lysin discovery programs, which are currently focused on lysins targeting drug-resistant Pseudomonas aeruginosa (P. aeruginosa). We are confident in the outlook for the year ahead, and we look forward to successfully completing our Phase 2 study and advancing our robust portfolio of novel anti-infectives,” continued Dr. Gilman.
2017 Highlights
Initiated Phase 2 Clinical Trial of CF-301
Presented Clinical and Preclinical Data Supporting CF-301
Strengthened Balance Sheet
Enhanced Intellectual Property
Fourth Quarter and Full Year 2017 Financial Results
About ContraFect
ContraFect is a biotechnology company focused on discovering and developing therapeutic protein and antibody products 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 lysin and monoclonal antibody platforms to target conserved regions of either bacteria or viruses (regions that are not prone to mutation). ContraFect's initial product candidates include new agents to treat antibiotic-resistant infections such as MRSA (methicillin-resistant Staph aureus) and influenza. The Company’s lead lysin, CF-301, is currently being studied in a Phase 2 multicenter, multinational, randomized, controlled clinical trial in patients with Staph aureus bacteremia including endocarditis. ContraFect is also conducting research focused on the discovery of lysins to target Gram-negative bacteria.
Forward-Looking Statements
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, statements regarding our ability to discover and develop protein and antibody therapeutics for life-threatening, drug-resistant infectious diseases, the therapeutic potential of CF-301, whether Phase 2 patient enrollment will continue to remain on track, the successful completion of our Phase 2 study, the reporting of top line data in the fourth quarter of 2017, whether our lysin discovery program results in therapies to combat antibiotic-resistant Gram-negative pathogens, the advancement of our novel anti-infective portfolio, our ability to receive additional CARB-X funding, our ability to fund operations into the second quarter of 2019, our ability to address life threatening infections using our therapeutic product candidates from our lysin and monoclonal antibody platforms to target conserved regions of either bacteria or viruses, whether our initial product candidates can treat antibiotic-resistant infections such as MRSA (Methicillin-resistant Staph aureus) and influenza, our ability to continue research focused on lysins targeting Gram-negative bacteria, and statements regarding the Phase 2 study, CF-301 data, our balance sheet, our CF-404 patent, and our 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 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.
CONTRAFECT CORPORATION | |||||
Condensed Balance Sheets | |||||
December 31, 2017 | December 31, 2016 | ||||
Assets | |||||
Current assets: | |||||
Cash and cash equivalents | $ | 6,995,046 | $ | 3,806,984 | |
Marketable securities | 39,858,864 | 31,354,170 | |||
Prepaid expenses and other current assets | 1,848,063 | 1,017,645 | |||
Total current assets | 48,701,973 | 36,178,799 | |||
Property and equipment, net | 1,093,903 | 1,281,152 | |||
Other assets | 393,603 | 164,519 | |||
Total assets | $ | 50,189,479 | $ | 37,624,470 | |
Liabilities and stockholders’ equity | |||||
Current liabilities | $ | 4,420,668 | $ | 4,418,197 | |
Other liabilities | 14,575,366 | 13,693,419 | |||
Total liabilities | 18,996,034 | 18,111,616 | |||
Total stockholders’ equity | 31,193,445 | 19,512,854 | |||
Total liabilities and stockholders’ equity | $ | 50,189,479 | $ | 37,624,470 | |
CONTRAFECT CORPORATION | |||||||||||||||
Condensed Statements of Operations | |||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(unaudited) | (unaudited) | ||||||||||||||
Operating expenses: | |||||||||||||||
Research and development | $ | 4,420,431 | $ | 4,451,325 | $ | 17,314,086 | $ | 22,101,720 | |||||||
General and administrative | 2,984,004 | 2,256,812 | 9,249,671 | 11,430,426 | |||||||||||
Total operating expenses | 7,404,435 | 6,708,137 | 26,563,757 | 33,532,246 | |||||||||||
Loss from operations | (7,404,435 | ) | (6,708,137 | ) | (26,563,757 | ) | (33,532,246 | ) | |||||||
Other income (expense): | 2,646,926 | 7,302,506 | 11,046,099 | 4,993,847 | |||||||||||
Net loss | $ | (4,757,509 | ) | $ | 594,439 | $ | (15,517,658 | ) | $ | (28,538,399 | ) | ||||
Per share information: | |||||||||||||||
Net loss per share of common stock, basic and diluted | $ | (0.06 | ) | $ | 0.01 | $ | (0.28 | ) | $ | (0.85 | ) | ||||
Basic and diluted weighted average shares outstanding | 73,656,006 | 41,598,944 | 55,595,732 | 33,539,465 | |||||||||||
The comparability of basic and diluted net loss per share and weighted average shares outstanding was impacted by the Company’s follow-on offering of securities on July 25, 2017.
The Company's financial position as of December 31, 2017 and 2016 and results of operations for the years ended December 31, 2017 and 2016 have 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. You should refer to the Company's Annual Report on Form 10-K for a complete discussion of financial information.