ContraFect Corporation (CFRX)

ContraFect Corporation was a clinical-stage biotechnology company that worked on new treatments for drug-resistant bacterial infections. Instead of conventional antibiotics, it focused on lysins, enzymes derived from bacteriophages that break down the cell walls of bacteria, and on amurin peptides. The goal was to add these agents to standard antibiotic therapy for serious hospital infections. Lysins were designed to kill bacteria quickly and to work against strains that resist many existing drugs.

The company was based in Yonkers, New York, and listed its shares on Nasdaq in 2014 under the symbol CFRX. Its lead candidate, exebacase, was aimed at Staphylococcus aureus bloodstream infections, including those caused by MRSA. The drug received FDA Breakthrough Therapy designation and was tested in a pivotal Phase 3 study known as DISRUPT. The program was supported in part by US government funding for antibacterial research.

In 2022 the DISRUPT study was stopped after an interim review found it was unlikely to meet its main goal. The setback removed the company's nearest path to revenue. ContraFect cut staff, shifted attention to an earlier-stage lysin program and looked for funding and partners, while its share price and market value fell sharply. The company also raised money through stock sales that diluted existing holders.

On August 15, 2023 Nasdaq staff found that the company no longer met equity and bid-price requirements. ContraFect appealed, but a hearing panel denied continued listing on November 7, 2023, and trading was suspended on November 9. In December 2023 the company filed for Chapter 11 protection to pursue a sale of its assets. Nasdaq's removal of the stock took effect on January 8, 2024.