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ARTICLE | Financial News

ContraFect raises $36 million in bumped-up IPO

July 30, 2014 1:12 AM UTC

ContraFect Corp. (NASDAQ:CFRXU) was up $0.45 to $6.45 on its first day of trading Tuesday after raising $36 million through the sale of 6 million units at $6 in an IPO underwritten by Maxim Group. The price values ContraFect at $119 million. Earlier this month, the company said it planned to sell 5.5 million units at $5-$6 after filing to raise up to $23 million in the offering in April. Each unit comprises a share, a class A warrant to purchase a share at $4.80 and a class B warrant to purchase half a share, with each whole warrant exercisable at $4. By Sept. 12, the units will separate into common stock expected to trade under the ticker "CFRX"; class A warrants under the ticker "CFRXW"; and class B warrants under "CFRXZ." ...