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ContraFect Corporation Prices Approximately $52.5 Million Public Offering of Common Stock and Warrants

YONKERS, N.Y., May 21, 2020 (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 11,797,752 shares of its common stock and related warrants to purchase 8,848,314 shares of common stock with an exercise price of $4.90 per share, in exchange for consideration equating to $4.45 for one share of common stock and a warrant to purchase 0.75 shares of common stock. The gross proceeds from the public offering will be approximately $52.5 million, before deducting underwriting discounts and commissions and estimated offering expenses payable by ContraFect. All shares in the public offering are to be sold by ContraFect.A 
ContraFect intends to use the net proceeds of the public offering to continue funding 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 CF-370, an engineered gram-negative lysin directly targeting highly-resistant Pseudomonas aeruginosa, and for working capital and other general corporate purposes.The public offering is expected to close on or about May 27, 2020, subject to customary closing conditions.Mizuho Securities USA LLC and Cantor Fitzgerald & Co. are acting as book-running managers for the public offering. Maxim Group LLC is acting as lead manager for this offering.A  Janney Montgomery Scott LLC is acting as co-manager for this offering.The public offering is being made pursuant to an effective shelf registration statement on Form S-3 that was filed with the U.S. Securities and Exchange Commission (SEC) on November 30, 2018 and declared effective on December 13, 2018. A preliminary prospectus supplement describing the terms of the public offering has been filed with the SEC. A final prospectus supplement will be filed with the SEC and will form a part of the effective registration statement. Copies of the final prospectus supplement and accompanying prospectus relating to the public offering may be obtained, when available, by contacting Mizuho Securities USA LLC, Attention: Equity Capital Markets, 1271 Avenue of the Americas, 3rd Floor, New York, NY 10020, or by email at US-ECM@us.mizuho-sc.com, or by telephone at (212) 205-7600 or Cantor Fitzgerald & Co., Attention: Capital Markets, 499 Park Avenue, 6th Floor, New York, NY 10022, or by email at prospectus@cantor.com.
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