Citadel, Citadel Securities Give $7.5 Million for Coronavirus Response

Citadel, Citadel Securities Give $7.5 Million for Coronavirus Response

Citadel and Citadel Securities have announced that founder Kenneth C. Griffin and his partners have contributed $7.5 million in support of coronavirus response efforts in China.

The funding includes more than $1 million to procure critical medical supplies such as face masks, gowns, and sanitizers in the United Kingdom for delivery to Hubei Xinhua Hospital in Wuhan. A portion of the remaining funds will be awarded to two humanitarian aid organizations, the China Charity Federation and the Hubei Charity Federation — one of two government-designated donation recipients, along with the Red Cross Society of Hubei — working to provide assistance to families displaced by the public health crisis. Crain's Chicago Business reports that while Citadel has said the funds also will help expedite the development of a vaccine, a spokesperson declined to name the recipient of the funding.

As of Wednesday morning, more than 24,500 cases and at least 493 deaths had been reported in China, with no sign of a slowdown in the number of new cases, although the mortality rate of about 2 percent is well below the 10 percent rate recorded during the 2002-03 SARS virus outbreak.

"Our hearts go out to all impacted by this situation, particularly those in China, which is the native country of many of our colleagues," said Griffin.

"Our first priority was delivering much-needed supplies requested by local medical professionals and enabling experts to administer aid as effectively as possible," said Citadel Securities CEO Peng Zhao. "We commend the brave medical personnel dedicated to treating patients and protecting communities."

(Photo credit: U.S. Centers for Disease Control and Prevention)