BioSpace Collaborative

Academic/Biomedical Research
News & Jobs
Biotechnology and Pharmaceutical Channel Medical Device and Diagnostics Channel Clinical Research Channel BioSpace Collaborative    Job Seekers:  Register | Login          Employers:  Register | Login  

NEWSLETTERS
Free Newsletters
Archive
My Subscriptions

NEWS
News by Subject
News by Disease
News by Date
PLoS
Search News
Post Your News
JoVE

CAREER NETWORK
Job Seeker Login
Most Recent Jobs
Search Jobs
Post Resume
Career Fairs
Career Resources
For Employers

HOTBEDS
Regional News
US & Canada
  Biotech Bay
  Biotech Beach
  Genetown
  Pharm Country
  BioCapital
  BioMidwest
  Bio NC
  BioForest
  Southern Pharm
  BioCanada East
  US Device
Europe
Asia

DIVERSITY

PROFILES
Company Profiles

INTELLIGENCE
Research Store

INDUSTRY EVENTS
Research Events
Post an Event
RESOURCES
Real Estate
Business Opportunities

 News | News By Subject | News by Disease News By Date | Search News
Get Our Industry eNewsletter FREE email:    
   

ContraFect Completes $14 Million Financing


10/26/2010 7:18:04 AM

NEW YORK, NY--(Marketwire - October 26, 2010) -

ContraFect Corporation, the company that is pioneering the use of monoclonal antibodies and lysins for the treatment of life-threatening infectious diseases, is pleased to announce that it has successfully closed two rounds of financing. The Series A Financing, led by Cary Sucoff of Equity Source Partners, LLC, raised $2.2 million. The Series B Financing raised $12 million and was led by Maxim Group, LLC. Funding will be used primarily in research and development, and to bring the company's first products into clinical development.

Dr. Robert Nowinski, CEO and Chairman of the Board, said, "Since ContraFect was founded in 2008, we have made significant progress including obtaining early stage financing and attracting top scientific advisors, patents, and other milestones which we will announce in upcoming weeks. We believe the use of monoclonal antibodies for the treatment of life-threatening infectious diseases, both bacterial as well as viral, will have significant implications for the treatment of a variety of diseases and will address major threats to public health including MRSA and Influenza. Our lysin program opens up a second approach to the rapid treatment for MRSA and other gram positive bacterial infections. I am very excited to lead ContraFect to achieve its potential both scientifically and financially."

Dr. Nowinski established numerous biotechnology companies including Genetic Systems Corporation, Icos Corporation, PathoGenesis Corporation and VaxGen, Inc. He successfully raised over $100 million for each company. Three of Dr. Nowinski's companies were acquired: Genetic Systems in 1987 for $310 million by Bristol-Myers; PathoGenesis in 2000 for $660 million by Chiron/Novartis; and Icos in 2006 for $2.2 billion by Eli Lilly. Collectively, these companies have developed and marketed eight diagnostic tests and two therapeutic drugs (Cialis for Erectile Dysfunction and TOBI the leading drug for Cystic Fibrosis) with annual sales exceeding $3.0 billion.

About ContraFect:

ContraFect is a biotechnology company pioneering the use of monoclonal antibodies and lysins to treat life-threatening infectious diseases. Our scientific approach is based on the following principles:

  • Monoclonal antibodies for the treatment of life-threatening bacterial and viral diseases
  • Lysins for the treatment of drug-resistant gram positive bacteria, such as staphylococcus (MRSA), streptococcus and intestinal infections
  • Transition from conventional mono-therapy to a combinatorial approach using multi-therapy antibody and lysin treatments
  • Address the growing challenge of drug resistance and therapy escape mechanisms used by pathogens

Safe Harbor Statement

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Any statements contained herein that do not describe historical facts are forward-looking statements that involve risks and uncertainties that could cause actual results to be materially different from historical results or from any future results expressed or implied by such forward looking statements. The Company assumes no obligation to update or supplement any forward-looking statements whether as a result of new information, future events or otherwise.


For more information, contact:
Barry Kappel, Ph.D., MBA
Head of Business Development
Tel: 212-359-9552
E-Mail: Email Contact
Or visit: www.contrafect.com

Digg this    Bookmark with del.icio.us    Add to Newsvine

Technorati:



Read at BioSpace.com

 
 

ADD TO DEL.ICIO.US    ADD TO DIGG    ADD TO FURL    ADD TO STUMBLEUPON    ADD TO TECHNORATI FAVORITES
 

//-->