On Tuesday, Shares of ContraFect Corporation (NASDAQ:CFRX)declined-14.96% to $2.77. The stock attained the volume of 100,042shares. ContraFect Corporationdeclares results for the first quarter ended March 31, 2016.
ContraFect Corporation (NASDAQ:CFRX), as of current trade, has shown weekly downbeat performance of 5.78percent which was maintained at -11.17percent in 1-month period.The year-to-date (YTD) performance reflected a -31.37percentbelow last year. During the past three months the stock loses0.91percent, bringing six-month performance to -19.11percent. The stock holds the market capitalization of $99.01M.In the last quarter, ContraFect made noteworthyprogress in advancing its first-in-class lysin product candidate CF-301 intended for the treatment of Staphylococcus aureus (Staph aureus) bloodstream infections counting endocarditis. Details of the recently accomplished Phase 1 study were presented at the European Congress of Clinical Microbiology and Infectious Disease (ECCMID) and demonstrate that CF-301 was generally well-tolerated and there were no clinical adverse safety signals observed in the study. In this study, CF-301 had a predictable, dose-related, pharmacokinetic (PK) profile. Importantly, based on modeling of these human PK data and animal efficacy and exposure data, a 0.25 mg/kg dose is anticipated to be effective in treating patients with Staph aureus and has been selected for use in the forthcoming Phase 2 study. “We are happy to have accomplished our key analyses of the Phase 1 study of CF-301, which together with data from extensive animal studies, support a solid rationale for the advancement of CF-301 into Phase 2. We look forward to the Phase 2 study which we expect to initiate in the fourth quarter of 2016,” said Steven C. Gilman, PhD, Chairman and CEO of ContraFect.
The company presently anticipates the IND submission for the CF-404 program, a combination monoclonal antibody treatment for serious influenza, to occur in mid-2017 rather than 4Q16 because of a formulation adjustment.
First Quarter 2016 Financial Results:
Research and development expenses were $4.40 million for the first quarter of 2016 contrast to $2.40 million in the comparable period in 2015. The increase in research and development expenses was mainly because of the costs incurred in preparation for a Phase 2 clinical trial of CF-301, IND-enabling activities for CF-404, and the overall increase in our research and development headcount and related laboratory costs.
General and administrative expenses were $4.70 million for the first quarter of 2016 contrast to $2.30 million in the comparable period in 2015. The increase in general and administrative expenses was mainly attributable to one time severance costs of $2.0M, counting $0.50 million of non-cash share-based compensation expense, the overall increase in our administrative headcount, and related personnel costs and raised legal and accounting costs related to SEC filings.
Net loss was $8.90 million, or $0.32 per share, for the first quarter of 2016 contrast to a net loss of $4.90 million, or $0.24 per share, for the comparable periods in 2015. The increase in net loss per share was because of the year-over-year increase in operating expenses talked about above.
As of March 31, 2016, ContraFect had cash, cash equivalents and marketable securities of $26.30 million contrast to $32.90 million at the end of 2015.
