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Yonkers’ ContraFect Corporation announced Monday that the Zongyi Group of China has invested $8.6 million in the company as part of a $9.5 million finance deal.
The money will enable ContraFect, a company researching ways to treat life-threatening illnesses, to move forward in clinical trials for a new drug designed to address drug-resistant diseases.
It will also give the Wells Avenue company unique access to the Chinese market once the drug has been approved, executives said.
“We view this funding as more than an investment,” said Robert Nowinski, founder and CEO of ContraFect, in a statement announcing the investment. “It is the beginning of relationship that will provide ContraFect unique access to China, the world’s fastest and most important emerging market.”
Locally, officials hailed the investment as a way to help the downtown develop jobs and build on the success of the daylighted Saw Mill River. ContraFect is expected to nearly double its office size with the help of the investment and add roughly a dozen jobs.
Steven Rockefeller Jr., who along with Scenic Hudson helped recruit the Chinese company to invest in ContraFect, said he hopes to continue furthering connections between the Hudson Valley and China.
“I am very excited that my friends and colleagues from China understand that the Hudson Valley represents an exciting place to invest funds in a setting that offers beauty, opportunities for win-win environmental and economic benefits, and lasting partnerships,” he said.
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