ContraFect Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
May 20 2022 - 8:30AM
ContraFect Corporation (Nasdaq: CFRX)
(ContraFect), a late clinical-stage biotechnology company
focused on the discovery and development of direct lytic agents
(DLAs), including lysins and amurin peptides, as new medical
modalities for the treatment of life-threatening,
antibiotic-resistant infections, today announced that on May 16,
2022, the Compensation Committee of the Company’s Board of
Directors approved the grant of inducement stock option awards to
purchase an aggregate of 15,000 shares of its common stock to two
new non-executive employees.
The awards were granted under ContraFect’s 2021
Employment Inducement Omnibus Incentive Plan (2021 Inducement
Plan), which was adopted on September 14, 2021 and provides for the
granting of equity awards to new employees of ContraFect. The stock
options awarded have a ten-year term and an exercise price of $3.20
per share, which is equal to the closing price of ContraFect’s
common stock on The Nasdaq Capital Market on May 16, 2022. Each
option will vest over a four-year period, with 25% of the shares
vesting after 12 months and the remaining shares vesting quarterly
over the following 36-months, subject to each employee’s continued
service with the Company on such vesting dates. The options are
subject to the terms and conditions of the 2021 Inducement Plan and
the terms and conditions of a stock option agreement covering the
grant. The awards were granted as an inducement material to the new
employees entering into employment with ContraFect, in accordance
with Nasdaq Listing Rule 5635(c)(4).
About ContraFect:
ContraFect is a biotechnology company focused on
the discovery and development of DLAs, including lysins and amurin
peptides, as new medical modalities for the treatment of
life-threatening, antibiotic-resistant infections. 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 platform of DLAs, which include lysins and amurin
peptides. Lysins are a new class of DLAs which are recombinantly
produced antimicrobial proteins with a novel mechanism of action
associated with the rapid killing of target bacteria, eradication
of biofilms and synergy with conventional antibiotics. Amurin
peptides are a novel class of DLAs which exhibit broad-spectrum
activity against a wide range of antibiotic-resistant Gram-negative
pathogens, including P. aeruginosa, Acinetobacter
baumannii, and Enterobacter species. We believe that the
properties of our lysins and amurin peptides will make them
suitable for targeting antibiotic-resistant organisms, such as MRSA
and highly resistant strains of P. aeruginosa, which can cause
serious infections such as bacteremia, pneumonia and osteomyelitis.
We have completed a Phase 2 clinical trial for the treatment
of Staph aureus bacteremia, including endocarditis, with
our lead lysin candidate, exebacase, which is the first lysin to
enter clinical studies in the U.S. Exebacase, currently being
studied in a pivotal Phase 3 clinical study, was granted
Breakthrough Therapy designation by the FDA for development as a
treatment of MRSA bloodstream infections, including right-sided
endocarditis, when used in addition to SOC anti-staphylococcal
antibiotics.
Follow ContraFect on
Twitter @ContraFectCorp and LinkedIn.
Activities related to exebacase during the
period of performance under the contract will be funded in part
with federal funds from HHS; ASPR; BARDA, under contract number
75A501212C00021.
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: ContraFect’s ability to
discover and develop DLAs as new medical modalities for the
treatment of life-threatening, antibiotic-resistant infections,
grants awarded under the 2021 Inducement Plan, whether ContraFect
will address life-threatening infections using therapeutic
candidates from its DLA platform, whether exebacase has the
potential to be a first-in-class treatment for Staph aureus
bacteremia, whether lysins are a new class of DLAs which are
recombinantly produced, antimicrobial proteins with a novel
mechanism of action associated with the rapid killing of target
bacteria, eradication of biofilms and synergy with conventional
antibiotics, whether amurins are a novel class of DLAs which
exhibit broad-spectrum activity against a wide range of
antibiotic-resistant Gram-negative pathogens, and whether the
properties of ContraFect’s lysins and amurins will make them
suitable for targeting antibiotic-resistant organisms, such as MRSA
and P. aeruginosa. Forward-looking statements are statements
that are not historical facts, nor assurances of future
performance. Instead, they are based on ContraFect’s current
beliefs, expectations and assumptions regarding the future of its
business, future plans, strategies, projections, anticipated events
and trends, the economy and other future conditions. Because
forward-looking statements relate to the future, they are subject
to inherent risks, uncertainties and changes in circumstances that
are difficult to predict and many of which are beyond ContraFect’s
control, including the occurrence of any adverse events related to
the discovery, development and commercialization of ContraFect’s
product candidates such as unfavorable clinical trial results,
insufficient supplies of drug products, the lack of regulatory
approval, or the unsuccessful attainment or maintenance of patent
protection and other important risks detailed under the caption
“Risk Factors” in ContraFect's filings with the Securities and
Exchange Commission. Actual results may differ from those set forth
in the forward-looking statements. Important factors that could
cause actual results to differ include, among others, our ability
to develop treatments for drug-resistant infectious diseases. Any
forward-looking statement made by ContraFect in this press release
is based only on information currently available and speaks only as
of the date on which it is made. Except as required by applicable
law, ContraFect expressly disclaims any obligations to publicly
update any forward-looking statements, whether written or oral,
that may be made from time to time, whether as a result of new
information, future developments or otherwise.
Investor Relations Contacts:
Michael MessingerContraFect CorporationTel: 914-207-2300Email:
mmessinger@contrafect.com
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