MicuRx Completes $25 Million Series B Financing
-- Funds U.S. Development of MRX-I Next-Generation Antibiotic --
HAYWARD, Calif. and SHANGHAI, Aug. 22, 2013 /PRNewswire/ -- MicuRx Pharmaceuticals, Inc., a privately-held biopharmaceutical company developing next-generation antibiotics, today announced it raised $25 million in Series B financing. Led by BVCF, a private equity and growth fund specializing in the life sciences industry, the round also includes existing investors Morningside Group and Devon Park Bioventures.
Proceeds from the Series B financing will be used to fund the U.S. development of MRX-I, a novel oral oxazolidinone antibiotic targeting infections due to multi-drug resistant Gram-positive bacteria, including methicillin-resistant Staphylococcus aureus (MRSA) and vancomycin-resistant enterococci (VRE). Weixin Xu and Davis Yang of BVCF will join the MicuRx board of directors.
"We invest in companies with experienced management teams and sound strategic plans," said Zhi Yang, general partner at BVCF. "We look forward to supporting the parallel development of MRX-I in the United States and China, as this novel antibiotic has the potential to offer an attractive option for addressing the growing threat of multi-drug resistant bacteria."
"MicuRx's unusually high capital efficiency in their first six years of operation is exceptional for antibiotic development," commented Zhengyu Yuan, Ph.D., president and chief executive officer of MicuRx Pharmaceuticals, Inc. "Using a US-China hybrid discovery and development model, MicuRx successfully completed design and optimization of its novel oxazolidinone drug candidates and advanced MRX-I through Phase-1 clinical trials with a fraction of the capital required through a traditional operating model in the United States. With the initiation of Phase 2 clinical trials in China, through the joint venture Shanghai MengKe Pharmaceuticals with Shanghai Zhangjiang Biomedical Industry Venture Capital, we look forward to initiating development of MRX-I through a Phase 2 clinical trial at selected centers in the United States, to ensure successful development of this compound internationally. Importantly, BVCF will be an exceptional partner for MicuRx, with broad contacts internationally and extensive healthcare experience to guide our strategic development and commercialization plans."
MRX-I: A Potent and Safe Oxazolidinone Antibiotic
MRX-I is a next-generation oral oxazolidinone antibiotic for treating Gram-positive bacterial infections, including methicillin-resistant Staphylococcus aureus (MRSA) and vancomycin-resistant enterococci (VRE). Phase I clinical results demonstrated that MRX-I is safe and well tolerated in human subjects, with no signs of myelosuppression, the major toxicity concern for most oxazolidinone agents, including linezolid. In preclinical studies, MRX-I cures in vivo infections due to Gram-positive bacteria including MRSA and VRE effectively. In addition, MRX-I exhibits two-fold improved activity against MRSA strains as compared to linezolid.
BVCF (http://bvcf.com/, formally known as BioVeda China) is the first and go-to private equity and growth capital investor specializing in China Life Sciences and Healthcare industry. Headquartered in Shanghai, BVCF's team includes partners with premier academic background and extensive operational experience. Investors include institutional limited partners and leading MNC pharmaceutical companies. BVCF focuses on investment in mid-market (US$ 50 – 100 million enterprise value) Life Science and Healthcare companies in China. The BVCF team takes an active approach with all of its investments, through predominantly significant minority ownership position and selected control stake position. The target portfolio company for BVCF is profiled to be a mid to late stage company as a top player in its sector with capable trustworthy management teams and strong growth potential.
About MicuRx Pharmaceuticals, Inc.
MicuRx (http://www.micurx.com/) is discovering and developing novel antibiotics to combat infections due to resistant bacteria. Positioned to capture the benefits of United States research and development expertise together with the high quality, cost-efficient discovery, preclinical and development infrastructure in China, the company has built a pipeline of discovery and development programs targeting Gram-positive and Gram-negative pathogens. The company has research and development facilities outside San Francisco, CA in the United States and in Shanghai, China. MicuRx has raised $12 million in Series A venture funds from Morningside Group (http://www.morningside.com/) and Devon Park Bioventures (http://www.dpbioventures.com/).
SOURCE MicuRx Pharmaceuticals, Inc.