CFRX - ContraFect enters a warrant exercise transaction for $9.6M

2023-06-27 10:17:49 ET

A clinical-stage biotechnology company, ContraFect ( NASDAQ: CFRX ) enters into a warrant exercise agreement with an existing accredited investor to purchase 7M shares.

In connection with the exercise, the company also agreed to reduce the exercise price of such existing warrants to $1.36.

The proceeds to the company from the exercise of the existing warrants are $9.6M.

The company intends to use the net proceeds to support ongoing enrollment of patients in the Phase 1b/2 clinical study of intra-articular exebacase for the treatment of chronic prosthetic joint infections of the knee, filing of the Investigational New Drug application and the subsequent conduct of the Phase 1 clinical study of CF-370, the first engineered lysin targeting Gram-negative pathogens, working capital and general corporate purposes.

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