ContraFect Corp. (CFRXU), a biotechnology company focused on protein and antibody therapeutic products for life-threatening infectious diseases, announced the pricing of its initial public offering of 6 million units priced at $6.00 per unit for total gross proceeds of $36 million. The offering was priced at the top of the $5.00-$6.00 range.
Maxim Group LLC is acting as the sole book-running manager of the offering.
The units are expected to begin trading on the NASDAQ Capital Market today, July 29, 2014, under the ticker symbol "CFRXU." The offering is expected to close on August 1, 2014, subject to customary closing conditions. All units are being offered by ContraFect.
On or prior to September 12, 2014, the units will separate into three classes of securities: common stock, Class A Warrants and Class B Warrants, and such component securities will begin trading as separate securities. The common stock is expected to trade on the Nasdaq Capital Market under the symbol "CFRX", while the Class A Warrants are expected to trade under the ticker symbol "CFRXW" and the Class B Warrants are expected to trade under the ticker symbol "CFRXZ." ContraFect will issue a press release announcing the date such separate trading will begin.
Maxim Group LLC has been granted a 45-day option to purchase up to an additional 900,000 units from ContraFect to cover over-allotments.
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