Common stock, five-year warrant sold through bookrunner Piper Jaffray
By Devika Patel
Knoxville, Tenn., July 22 – ContraFect Corp. said it priced a $35 million public sale of units. The offering was announced Thursday.
The company will sell 14 million units of one common share and one warrant at $2.50 per unit. Each whole five-year warrant is exercisable at $3.00, a 5.26% premium to the July 21 closing share price of $2.85.
Piper Jaffray & Co. is the bookrunner.
Settlement is expected July 27.
Proceeds will be used for clinical development, portfolio advancement, product discovery, working capital and general corporate purposes.
The biotechnology company is based in Yonkers, N.Y.
| Issuer: | ContraFect Corp.
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| Issue: | Units of one common share and one warrant
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| Amount: | $35 million
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| Units: | 14 million
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| Price: | $2.50
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| Warrants: | One warrant per unit
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| Warrant expiration: | Five years
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| Warrant strike price: | $3.00
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| Bookrunner: | Piper Jaffray & Co.
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| Lead manager: | William Blair & Co., LLC
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| Announcement date: | July 21
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| Pricing date: | July 22
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| Settlement date: | July 27
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| Stock symbol: | Nasdaq: CFRX
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| Stock price: | $2.85 at close July 21
|
| Market capitalization: | $78.49 million
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