May 28, 2020
ContraFect Corporation, a clinical-stage biotechnology company focused on discovering and developing direct lytic agents for the treatment of life-threatening infectious diseases, has announced its public offering of common Stock and warrants and private placement of commons stock and warrats to Pfizer. Both matters have closed.
ContraFect’s underwritten public offering is for 11,797,752 shares of common stock and related warrants to purchase 8,848,314 shares of common stock with an exercise price of US$4.90 per share, in exchange for consideration equating to US$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 US$52.5 million.
In the private placement transaction, Pfizer Inc. entered into a stock purchase agreement with ContraFect pursuant to which Pfizer Inc. has agreed to purchase 674,156 shares of ContraFect’s common stock and a warrant to purchase 505,617 shares of ContraFect’s common stock, for approximately US$3.0 million.
Latham & Watkins LLP represents ContraFect Corporation in the transactions with a corporate deal team led by partners Peter Handrinos and Wesley Holmes, with associates Samuel Niles, Danny Shulman, and Emily Henderson. Advice was also provided on FDA regulatory matters by partner Ben Haas, with associate Chad Jennings; on tax matters by partners Samuel Weiner and Eric Cho, with associate Jeremiah Cowen; and on intellectual property matters by partner Alan Tamarelli.