<
News + Analysen
News + Adhoc
Analysen
Kursziele
>
<
Unternehmen
Termine
Profil
>
<
zugeh. Wertpapiere
Strukturierte Produkte
>
15.03.2018 12:00:00

ContraFect Reports Fourth Quarter and Full Year 2017 Financial Results and Provides Business Update

YONKERS, N.Y., March 15, 2018 (GLOBE NEWSWIRE) -- ContraFect Corporation (NASDAQ:CFRX), a clinical-stage biotechnology company focused on the discovery and development of protein and antibody therapeutics for life-threatening, drug-resistant infectious diseases, today announced results for the fourth quarter and full year ended December 31, 2017."We were pleased by the progress we achieved in 2017, most significantly the initiation of our Phase 2 trial of CF-301 in patients with complicated bacteremia including endocarditis due to Staphylococcus aureus (Staph aureus). Enrollment remains on track, and we continue to expect to report topline data from the study in the fourth quarter of this year. In addition, the ContraFect research team presented important new microbiologic data at scientific venues throughout the year. These data extend our understanding of the antimicrobial activity and resistance profile of CF-301 and further support the therapeutic potential of CF-301 and our broader lysin pipeline," said Steven C. Gilman, Ph.D., Chairman and Chief Executive Officer of ContraFect. "We are excited that the next wave of potential therapies to combat the global threat of antibiotic-resistant Gram-negative pathogens may emerge from our suite of Gram-negative lysin discovery programs, which are currently focused on lysins targeting drug-resistant Pseudomonas aeruginosa (P. aeruginosa). We are confident in the outlook for the year ahead, and we look forward to successfully completing our Phase 2 study and advancing our robust portfolio of novel anti-infectives," continued Dr. Gilman.2017 HighlightsInitiated Phase 2 Clinical Trial of CF-301In May 2017, the Company initiated a multi-center, multi-national Phase 2 clinical trial of its lead lysin product candidate, CF-301, for the treatment of Staph aureus bacteremia, including endocarditis, caused by methicillin-resistant or methicillin-susceptible Staph aureus. The randomized, double-blind, placebo-controlled study will compare the efficacy, safety and tolerability of CF-301 used in addition to standard of care antibiotics vs. standard of care antibiotics alone. Based on review of safety data after completion of approximately one-third of study patient enrollment, there have been no serious adverse events reported to be related to study drug, no adverse event reports of hypersensitivity related to study drug and no discontinuations of study drug due to adverse events. Presented Clinical and Preclinical Data Supporting CF-301 In April 2017, the Company presented data from its CF-301 program at the 27th European Congress of Clinical Microbiology and Infectious Disease, which included long-term immunologic follow-up data from its Phase 1 clinical trial of CF-301 demonstrating safety and tolerability, and methodology for testing the susceptibility of bacteria to CF-301 in a clinical setting. In June 2017, the Company presented data from its CF-301 program at the American Society for Microbiology Microbe 2017 conference, which included data from its Phase 1 clinical trial of CF-301 supporting the cardiovascular safety profile of CF-301 and the absence of a pro-inflammatory response to CF-301. In addition, clinical microbiology data demonstrating CF-301's post-antibiotic effect, resistance profile, and methodology for testing the susceptibility of bacteria to CF-301 in a clinical setting were presented. In September 2017, the Company presented data from its CF-301 program at Infectious Disease Week 2017, which included preclinical data demonstrating CF-301 works synergistically with a wide range of commonly used anti-staphylococcal antibiotics, as well as surveillance data showing the potent activity of CF-301 against current Staph aureus strains from infected patients. In October 2017, the Company presented an overview of its Gram-negative lysin discovery program at the 4th Antibacterial Discovery and Development Summit, which highlighted the potential to engineer bacteriophage-derived lysins to target antibiotic resistant Gram-negative bacteria, in particular P. aeruginosa, a highly virulent pathogen responsible for significant morbidity and mortality.Strengthened Balance SheetIn July 2017, the Company raised $40.0 million in gross proceeds in an underwritten public offering of common stock and warrants. In March 2017, the Company received a funding award from Combating Antibiotic Resistant Bacteria Biopharmaceutical Accelerator (CARB-X) to support the discovery and development of lysin therapeutics to treat infections caused by drug resistant strains of P. aeruginosa. The award will consist of $1.1 million in initial funding, and subsequent additional awards totaling $1.0 million upon the achievement of certain objectives.Enhanced Intellectual PropertyIn August 2017, the U.S. Patent and Trademark Office issued the Company a patent covering the novel intranasal and inhalation methods of administration of effective amounts of 1mg/kg or less of CF-404, the Company's monoclonal antibody cocktail in development for the potential treatment of influenza. Fourth Quarter and Full Year 2017 Financial ResultsResearch and development expenses were $4.4 million for the fourth quarter of 2017 compared to $4.5 million in the comparable period in 2016. The decrease in research and development expenses was primarily attributable to grant funding received and a decrease in expenditure on external consultants.  These decreases were partially offset by an increase in our Phase 2 clinical trial costs. General and administrative expenses were $3.0 million for the fourth quarter of 2017 compared to $2.3 million in the comparable period in 2016. The increase in general and administrative expenses was primarily attributable to an increase in administrative personnel and severance related costs. Research and development expenses were $17.3 million and general and administrative expenses were $9.2 million for the year ended December 31, 2017.  This compares to research and development expenses of $22.1 million and general and administrative expenses of $11.4 million for the year ended December 31, 2016. The decrease in research and development expenses is primarily attributable to lower research headcount and related laboratory expenses, a decrease in expenditure on external consultants and the receipt of grant funding during 2017. These decreases were partially offset by an increase in our Phase 2 clinical trial costs.  The decrease in general and administrative expenses is primarily attributable to lower severance costs, administrative headcount and related expenses and legal costs. Net loss was $4.8 million, or $0.06 per share, for the fourth quarter of 2017 compared to a net income of $0.6 million, or $0.01 per share, for the comparable period in 2016. The change in net loss per share includes a decrease of $4.7 million, or $0.06 per share, in the non-cash gain for ...Full story available on Benzinga.com
Weiter zum vollständigen Artikel bei "Benzinga earnings"