Home Banking & Finance Drug developer exceeds financing target

Drug developer exceeds financing target

ContraFect Corp., the Yonkers-based biotechnology company developing drug treatments for life-threatening infectious diseases, has raised $11.8 million in financing from privately placed convertible notes.

Company officers had initially targeted $5 million in financing from the notes sale, which was oversubscribed. The funds will be used to develop ContraFect’s most advanced product, CF-301, a novel bacteria-infecting viral enzyme that targets staphylococcus aureus bacteremia, a blood-born infection that kills 30,000 people annually in the U.S. alone.

Dr. Robert Nowinski, ContraFect’s founder and CEO, in a press release called the financing “critical” to further developing CF-301, “our paradigm-shifting, first-in-class drug for drug- resistant bacterial infections.”

The Maxim Group L.L.C. in Manhattan was the company’s private placement agent.

Founded five years ago in Manhattan, ContraFect in 2011 opened its Yonkers headquarters and laboratories at 28 Wells Ave. in the i.park Hudson office and manufacturing complex.

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