| | • | | Net loss was $20.1 million, or $0.27 per share, for the second quarter of 2018 compared to a net loss of $2.8 million, or $0.07 per share, for the comparable period in 2017. The increase in net loss was significantly impacted by an increase of $16.0 million, or $0.22 per share, innon-cash expense for the change in fair value of warrant liabilities. |
| | • | | As of June 30, 2018, ContraFect had cash, cash equivalents and marketable securities of $33.3 million, compared to $46.9 million as of December 31, 2017. This cash balance does not include the proceeds of the recently completed underwritten public offering of common stock. The Company anticipates that its current cash, cash equivalents and marketable securities are sufficient to fund operations into the first quarter of 2020. |
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 Staphylococcus aureus) and influenza. ContraFect’s lead product candidate,CF-301, is currently in a Phase 2 clinical trial for the treatment of Staphylococcus aureus (Staph aureus) bacteremia, including endocarditis and is the first lysin to enter clinical studies in the U.S. ContraFect is also conducting research focused on the discovery of lysins to target Gram-negative bacteria.
AboutCF-301 (exebacase):
CF-301 (exebacase) is a recombinant bacteriophage-derived lysin with potent bactericidal activity against Staph aureus, a major cause of blood stream infections, or bacteremia.CF-301 has the potential to be afirst-in-class treatment for Staph aureus bacteremia. It has a novel, rapid, and specific mechanism of bactericidal action against Staph aureus and does not impact the body’s natural bacterial flora. By targeting a conserved region of the cell wall that is vital to bacteria, resistance is less likely to develop toCF-301. Combinations ofCF-301 with standard of care antibiotics significantly increased bacterial killing and survival in animal models of disease when compared to treatment with antibiotics orCF-301 alone. In addition, in vitro and in vivo experiments have shown thatCF-301 is highly active against biofilm-associated infections.CF-301 was licensed from The Rockefeller University and is being developed at ContraFect. It is the first lysin to enter clinical studies in the U.S.
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 potency and activity profile of our lead lysin product candidateCF-301, the potential of our broader platform, data from our Gram-negative discovery program, whether we continue to remain on track to report topline study data in the fourth quarter of 2019, whether we continue to spearhead the development of this new class of anti-infective therapeutics, whether Gram-negative lysins exhibit rapid, potent antibacterial effects, eradication of biofilms and synergy with conventional antibiotics against resistantPseudomonas aeruginosa, whether our current cash, cash equivalents and marketable securities are sufficient to fund operations into the first quarter of 2020, 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
