YONKERS, N.Y., Dec. 17, 2019 (GLOBE NEWSWIRE) -- ContraFect Corporation (Nasdaq: CFRX), a clinical-stage biotechnology company focused on discovering and developing direct lytic agents for the treatment of life-threatening infectious diseases, today announced the pricing of its underwritten public offering of 25,650,000 shares of its common stock at a public offering price of $0.39 per share. The gross proceeds from the offering will be approximately $10 million, before deducting underwriting discounts and commissions and estimated offering expenses payable by ContraFect. All shares in the offering are to be sold by ContraFect.

ContraFect intends to use the net proceeds of the offering to fund initiation of its Phase 3 DISRUPT trial of exebacase (CF-301) in Staph aureus bacteremia, including right-sided endocarditis, to fund advancement of its portfolio, including IND-enabling activities for an engineered gram-negative lysin directly targeting highly-resistant Pseudomonas aeruginosa, and for working capital and other general corporate purposes.