ContraFect Inc. (NASDAQ: CFRX) stock gained by 5.38% at last close whereas the CFRX stock price plunged by 7.65% during the pre market session, at last check. ContraFect is a pharmaceutical corporation specializing in the research and production of DLAs, such as lysins and amurin peptides, as novel medicinal treatments for life-threatening, antibiotic-resistant infections. CFRX wants to use their medicinal product candidates from our DLA platform, which includes lysins and amurin peptides, to treat life-threatening infections.
CFRX released financial reports and market highlights for the first quarter ended March 31, 2021, on May 14, 2021.
- In the first quarter of 2021, research and development costs were $8.0 million, up from $5.1 million in the same timeframe in 2020. This growth was largely due to increased investment on research operations such as patient registration and clinical site expansion in Phase 3 DISRUPT trial of exebacase, non-clinical trials of CF-370 and their other preclinical programs, and incremental headcount to help CFRX’s continuing advancement across its pipeline.
- In the first quarter of 2021, general and administrative expenditures were $2.8 million, down from $3.0 million in the same timeframe in 2020. This reduction was largely due to lower prices for intellectual property and general corporate legal fees.
- The first quarter of 2021 saw a net loss of $5.2 million, or $0.18 per share, relative to a net loss of $7.6 million, or $0.49 per share, in the same timeframe of 2020. The non-cash benefit for the adjustment in fair valuation of warrant obligations increased by $5.2 million, or $0.18 per share, lowering net loss per share.
- ContraFect had $87.2 million in cash, cash equivalents, and marketable securities as of March 31, 2021.
Roger J. Pomerantz, President, CEO, and Chairman of ContraFect stated:
CFRX remains focused on patient participation in the Phase 3 DISRUPT supremacy trial of exebacase and the progress of their earlier stage product candidates after an outstanding first quarter of 2021, during which they won a significant contract award from BARDA to finance the ongoing late-stage production of exebacase. CFRX also continues to lay the groundwork for ContraFect’s leadership in developing genuinely new groups of future therapeutics that have the potential to outperform current standard-of-care methods in the management of life-threatening and highly resistant bacterial infections.