I am buying today seems a good price and value given the recent pullback and news...
YONKERS, N.Y., Jan. 17, 2019 (GLOBE NEWSWIRE) -- ContraFect Corporation (CFRX), a clinical-stage biotechnology company focused on the discovery and development of protein and antibody therapeutics for life-threatening, drug-resistant infectious diseases, today announced that the Combating Antibiotic Resistant Bacteria Biopharmaceutical Accelerator (CARB-X) has awarded the Company $2.3 million in additional funding over the course of the next two years. The Company will use the grant for the development of lysin therapeutics to treat serious, potentially life-threatening invasive infections caused by antibiotic-resistant Pseudomonas aeruginosa (P. aeruginosa), a virulent Gram-negative pathogen. This is an increase to the original CARB-X option amount of $1.0 million, part of the Company’s grant from CARB-X in March of 2017.
“We are pleased to have been awarded this additional funding from CARB-X. This follows our recent announcement of positive topline data from the Phase 2 trial of our lead lysin candidate exebacase, or CF-301, for the treatment of Staph aureus bacteremia, including endocarditis, which establishes clinical proof of concept for lysins as therapeutic agents. P. aeruginosa is a major cause of morbidity and mortality, often related to hospital acquired pneumonia, and is a major medical challenge, particularly for patients with cystic fibrosis. We look forward to advancing this program into the clinic as rapidly as possible,” said Cara Casino, M.D., Executive Vice President of Research & Development and Chief Medical Officer of ContraFect.
“We view this additional funding from CARB-X as continued validation of our novel lysin platform, which underscores the opportunity to combat highly resistant Gram-negative pathogens, considered to be the greatest threats to global health by both the CDC and WHO, with our proprietary lysin candidates.” said Steven C. Gilman, Ph.D., Chairman and Chief Executive Officer of ContraFect.
CARB-X is the world's largest public-private partnership devoted to antibacterial preclinical R&D. Funded by BARDA, Wellcome Trust, and NIAID, it will spend $450 million from 2017-2021 to support innovative products moving towards human clinical trials. CARB-X focuses on high priority drug-resistant bacteria, especially Gram-negative organisms. CARB-X is a charitable global public-private partnership led by Boston University School of Law. Other partners include the Broad Institute of Harvard and MIT, MassBio, the California Life Sciences Institute and RTI International. For more information, please visit www.carb-x.org and follow them on Twitter @CARB-X.