SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 27, 2018
(Exact name of registrant as specified in its charter)
(State or other jurisdiction
28 Wells Avenue, 3rd Floor, Yonkers, New York 10701
(Address of principal executive offices) (Zip Code)
Registrants telephone number, including area code
(Former Name or Former Address, if Changed Since Last Report)
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Emerging growth company ☒
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|Item 8.01.|| |
On July 27, 2018, ContraFect Corporation (the Company or ContraFect) entered into an underwriting agreement (the Underwriting Agreement) with Piper Jaffray & Co., as representative of the several underwriters named therein (collectively, the Underwriters), relating to the offering, issuance and sale (the Offering) of 5,000,000 shares (the Shares) of the Companys common stock, par value $0.0001 per share.
The public offering price in the Offering was $2.00 per Share. The Underwriters have agreed to purchase the Shares from the Company pursuant to the Underwriting Agreement at a price of $1.87 per Share. The net proceeds to the Company from the Offering are expected to be approximately $9.0 million, after deducting underwriting discounts and commissions and estimated offering expenses payable by the Company. The Offering is expected to close on or about July 31, 2018, subject to customary closing conditions.
The Underwriting Agreement contains customary representations, warranties and agreements by the Company, customary conditions to closing, indemnification obligations of the Company and the Underwriters, including for liabilities under the Securities Act of 1933, as amended, other obligations of the parties and termination provisions. The representations, warranties and covenants contained in the Underwriting Agreement were made only for purposes of such agreement and as of specific dates, were solely for the benefit of the parties to such agreement, and may be subject to limitations agreed upon by the contracting parties.
The Company intends to use the net proceeds of the Offering to accelerate its readiness for Phase 3 development of CF-301, the advancement of its anti-pseudomonal lysins and other pipeline assets into preclinical studies, and for working capital and general corporate purposes. The Company believes that its cash, cash equivalents and short-term investments, together with the net proceeds from the Offering, will fund its operations into the first quarter of 2020.
The Offering is being made pursuant to the Companys effective shelf registration statement on Form S-3 (Registration Statement No. 333-217989) previously filed with and declared effective by the Securities and Exchange Commission (the SEC) and a prospectus supplement and accompanying prospectus filed with the SEC.
The foregoing description of the Underwriting Agreement is not complete and is qualified in its entirety by reference to the full text of the Underwriting Agreement, a copy of which is filed as Exhibit 1.1 to this report and is incorporated by reference herein. A copy of the opinion of Latham & Watkins LLP relating to the legality of the issuance and sale of the Shares is attached as Exhibit 5.1 to this report.
This current report contains forward-looking statements within the meaning of the U.S. federal securities laws. Forward-looking statements can be identified by words such as projects, may, will, could, would, should, believes, expects, anticipates, estimates, intends, plans, potential, promise or similar references to future periods. Examples of forward-looking statements in this current report include, without limitation, statements regarding the Companys intent not to list the warrants on a securities exchange or automated quotation system; the anticipated amount of net proceeds from the Offering and the intended use of such proceeds; the anticipated timing of the closing of the Offering; and the Companys belief that its cash, cash equivalents and short-term investments will fund its operations into the first quarter of 2020. Forward-looking statements are statements that are not historical facts, nor assurances of future performance. Instead, they are based on the Companys current beliefs, expectations and assumptions regarding the future of its business, future plans, strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent risks and uncertainties, and actual results may differ materially from those set forth in the forward-looking statements. Important factors that could cause actual results to differ include, without limitation: the Company may list the warrants on a securities exchange or automated
quotation system; the amount of and use of net proceeds from the Offering may differ from the Companys current expectations; the Offering may not close in the timeframe the Company expects, or at all; the Company has incurred significant losses since its inception and may never achieve profitability; the Companys recurring losses from operations could raise substantial doubt regarding its ability to continue as a going concern; the Company has no product revenues; the Companys short operating history; the Companys need for substantial additional funding; the Company may be required to suspend or discontinue clinical trials due to adverse side effects or other safety risks; clinical trials of the Companys product candidates are subject to delays, which could result in increased costs and jeopardize its ability to obtain regulatory approval and commence product sales as currently contemplated; the Companys ability to attract and retain qualified personnel, and changes in management; difficulties in managing the Companys growth; and the important factors described under the caption Risk Factors in the Companys Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (the SEC) on May 10, 2018 and its other filings with the SEC for the Offering. Any forward-looking statement made by the Company in this current report is based only on information currently available and speaks only as of the date on which it is made. Except as required by applicable law, the Company expressly disclaims any obligation to publicly update any forward-looking statements, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
|Item 9.01.||Financial Statements and Exhibits.|
|1.1||Common Stock Purchase Agreement, dated July 27, 2018, by and between ContraFect Corporation and Piper Jaffray & Co., as representative of the several underwriters named therein|
|5.1||Opinion of Latham & Watkins LLP|
|23.1||Consent of Latham & Watkins LLP (included in Exhibit 5.1)|
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|Date: July 31, 2018||By:|
General Counsel & Corporate Secretary