CFRX - Why Is ContraFect (CFRX) Stock Up 23% Today?
2023-10-16 08:19:55 ET
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ContraFect (NASDAQ: CFRX ) stock is rising higher on Monday as investors react to an update from the Food and Drug Administration (FDA).
The FDA has informed ContraFect that it’s good to move forward with a Phase 1 clinical trial of CF-370. This is a drug in development by the company for the treatment of hospital-acquired bacterial pneumonia (HABP) and ventilator-associated bacterial pneumonia (VABP).
The FDA granted approval to the company following a review of safety information provided in its Investigational New Drug (IND) application. This comes from successful pre-human studies performed in vitro and across animal trials.
Roger Pomerantz, MD, president, chairman and CEO of ContraFect, said the following about the IND approval:
“This is a huge achievement for the company with enormous potential to arm our hospitals and clinicians with a truly new agent to address infections caused by antibiotic-resistant Gram-negative bacteria. I look forward to working with our dedicated team at ContraFect and our investigators to initiate the Phase 1 clinical trial later this year.”
CFRX Stock Movement Today
Trading of CFRX stock is heavy on Monday, with more than 4.2 million shares on the move this morning. That’s already well above the company’s daily average trading volume of about 69,000 shares. This shows that investors in the company are excited about the latest FDA news.
CFRX stock is up 23% as of Monday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines .
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