AsianScientist (Apr. 29, 2013) – The Zongyi Group of China has invested US$8.6 million into US-based ContraFect Corporation as part of a US$9.5 million financing round.
ContraFect is a biotechnology company that uses monoclonal antibodies and lysins to treat life-threatening infectious diseases such as staphylococcus (MRSA), streptococcus, and intestinal infections, while addressing the growing challenge of pathogen drug resistance.
The investment from the Zongyi Group will help ContraFect to move its pipeline of drugs into clinical trials.
“We are excited that we have attracted an investment from the Zongyi Group,” said Robert Nowinski, founder and chief executive officer of ContraFect. “We view this funding as more than an investment. It is the beginning of relationship that will provide ContraFect unique access to China, the world’s fastest and most important emerging market.”
A representative nominated by the Zongyi Group has also been elected to ContraFect’s Board of Directors.
Zongyi Group is a leading diversified business group of China. Its business scope covers new energy, information technology, investment, and asset management. It manages assets exceeding US$30 billion, and its portfolio includes diversified investments in the United States, including a 20MW PV power station constructed and operating in New Jersey.
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Source: ContraFect Coroporation.
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