Shearman & Sterling represented ContraFect Corporation in connection with its private placement of 4.73 million shares of common stock and warrants to purchase an additional 2.36 million shares of common stock at an exercise price of $8.00 per share. The shares and warrants were sold to accredited investors in a private investment in public equity (PIPE) offering for total gross proceeds of $20,000,000. The securities sold to such investors in the PIPE offering will be registered with the Securities and Exchange Commission pursuant to a registration rights agreement.
ContraFect Corporation is a biotechnology company focused on discovering and developing therapeutic protein and antibody products for life-threatening, drug-resistant infectious diseases, particularly those treated in hospital settings. The company’s most advanced product candidates are CF-301, a lysin for the treatment of Staph aureus bacteremia, and CF-404, a combination of monoclonal antibodies for the treatment of seasonal and pandemic varieties of influenza. The proceeds from the private placement will be used to fund Phase 2 clinical trials for CF-301 for staph bloodstream infections, IND-enabling activities for CF-404 for serious influenza and other corporate purposes.
The Shearman & Sterling team included partner Chris Forrester (Menlo Park-Capital Markets) and associates Jesse Cuevas and Scott Lucas (both San Francisco-Capital Markets).