ContraFect Corporation Announces Closing of Initial Public Offering

YONKERS, NY--(Marketwired - Aug 4, 2014) - ContraFect Corporation (NASDAQ: CFRXU), a biotechnology company focused on protein and antibody therapeutic products for life-threatening infectious diseases, announced today that on August 1, 2014 it closed its initial public offering of 6,000,000 units at a price of $6.00 per unit. The units are listed on the Nasdaq Capital Market and trade under the symbol "CFRXU." ContraFect received approximately $32.7 million of proceeds from the offering, net of underwriting discounts and commissions and other estimated expenses.

Maxim Group LLC acted as the sole book-running manager of the offering.

On or prior to September 12, 2014, the units will separate into shares of common stock, Class A warrants and Class B warrants and the component securities will begin trading on the Nasdaq Capital Market as separate securities. The shares of common stock are expected to trade under the symbol "CFRX," the Class A warrants are expected to trade under the symbol "CFRXW" and the Class B Warrants are expected to trade under the symbol "CFRXZ." ContraFect will issue a press release announcing the date such separate trading will begin.

Roth Capital Partners, LLC acted as financial advisor to ContraFect.

A registration statement relating to the units and the underlying securities has been declared effective by the Securities and Exchange Commission. The offering of the units was made only by means of a prospectus, copies of which may be obtained by contacting Maxim Group LLC, 405 Lexington Avenue, New York, NY 10174, or by calling 212-895-3685. The final prospectus also may be obtained at the Securities and Exchange Commission's website at www.sec.gov.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful.

About ContraFect:

ContraFect is a biotechnology company focused on discovering and developing therapeutic protein and antibody products for life-threatening, drug-resistant infectious diseases, particularly those treated in hospital settings. Due to drug-resistant and newly emerging pathogens, hospital acquired infections are currently the fourth leading cause of death in the United States, following heart disease, cancer and stroke. We intend to address drug-resistant infections using our therapeutic product candidates from our lysin and monoclonal antibody platforms to target conserved regions of either bacteria or viruses (regions that are not prone to mutation). ContraFect's initial product candidates include new agents to treat antibiotic-resistant infections such as MRSA (drug-resistant staphylococcus bacteria) and influenza.

FORWARD-LOOKING STATEMENTS

This press release includes forward-looking statements within the meaning of the U.S. federal securities laws. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are subject to significant risks and uncertainties that are subject to change based on various factors (many of which are beyond the Company's control), which could cause actual results to differ from the forward-looking statements. Such statements may include, without limitation, statements with respect to ContraFect's plans, objectives, projections, expectations and intentions and other statements identified by words such as "projects," "may," "will," "could," "would," "should," "believes," "expects," "anticipates," "estimates," "intends," "plans," "potential" or similar expressions. These statements are based upon the current beliefs and expectations of ContraFect's management but are subject to significant risks and uncertainties, including those detailed in ContraFect's filings with the Securities and Exchange Commission. Actual results (including, without limitation, the timing for the separation of ContraFect's publicly traded units into their component securities as described herein) may differ from those set forth in the forward-looking statements. Except as required by applicable law, ContraFect expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in ContraFect's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.