ContraFect Corp (NASDAQ:CFRX) shares are up big this afternoon after the company announced early this morning that they have completed a Phase 1 in-human study of their drug CF-301 which is intended to combat Staph infections such as MRSA.
CF-301 is one of the drugs that ContraFect Corp (NASDAQ:CFRX) has been working on. It is a bacteriophage lysin which the company opes will become the first-in-class treatment for Staph bacteremia. According to the report, it has been determined by an independent data safety monitoring board that CF-301 is safe.
“This is a major milestone for CF-301, a first-in-class, first-in-field biologic agent targeting Staph infections, including MRSA,” said Julia P. Gregory, ContraFect’s Chief Executive Officer. “We are excited to have achieved our objectives for this Phase 1 study, and we will now continue preparations and discussions with regulatory agencies for our next study of CF-301 which is anticipated to be conducted in patients with Staph bloodstream infections including endocarditis.”
The stock is up 24.10% or $0.74 following the news, hitting $3.81 per share. About 93,739 shares traded hands or up 45.20% from the average. CFRX has declined 39.80% since May 12, 2015 and is currently downtrending. It has underperformed the S&P500 by 36.13%.
ContraFect Corporation, a biotechnology company, focuses on discovering and developing therapeutic protein and antibody products for life-threatening and drug-resistant infectious diseases in the United States. Its lead product candidates consist of CF-301, a lysin that is in Phase 1 human clinical trials for the treatment of Staph aureus bacteremia, including endocarditis caused by methicillin-sensitive or methicillin-resistant Staph aureus; and CF-404, a combination of human monoclonal antibodies for the treatment of life-threatening seasonal and pandemic varieties of influenza. The company was founded in 2008 and is headquartered in Yonkers, New York.