| | • | | General and administrative expenses were $2.1 million for the third quarter of 2018 compared to $1.8 million in the comparable period in 2017. The increase was primarily due to costs related to the Company’s intellectual property portfolio which includes patent filing, prosecution and maintenance fees. |
| | • | | Net loss was $4.8 million, or $0.06 per share, for the third quarter of 2018 compared to a net loss of $1.6 million, or $0.02 per share, for the comparable period in 2017. The increase in net was primarily due to a $0.05 per share decrease in thenon-cash gain for the change in fair value of warrant liabilities. |
| | • | | As of September 30, 2018, ContraFect had cash, cash equivalents and marketable securities of $37.6 million, compared to $46.9 million as of December 31, 2017. 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-resistantStaph aureus) and influenza. ContraFect’s lead product candidate, exebacase(CF-301), is currently in a Phase 2 clinical trial for the treatment of 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.
About exebacase(CF-301):
Exebacase(CF-301) is a recombinant bacteriophage-derived lysin with potent bactericidal activity against Staph aureus, a major cause of blood stream infections, or bacteremia. Exebacase 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 to exebacase. Combinations of exebacase with standard of care antibiotics significantly increased bacterial killing and survival in animal models of disease when compared to treatment with antibiotics or exebacase alone. In addition, in vitro and in vivo experiments have shown that exebacase is highly active against biofilm infections. Exebacase 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, whether recent funding extends our cash runway into the first quarter of 2020, statements regarding business progress, the timing and expectation of topline data from the study, whether the serious adverse events in the study were related to study drug, statements regarding exebacase(CF-301) data,, 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 can treat
