MicuRx Raises US$25m For US-China Antibiotic Clinical Trial

MicuRx Pharma has raised US$25 million in Series B financing to carry out clinical trials on its MRX-I antibiotic candidate.

AsianScientist (Aug. 26, 2013) – MicuRx Pharmaceuticals, Inc., a privately-held biopharmaceutical company developing next-generation antibiotics, has raised US$25 million in Series B financing.

The financing round was led by BVCF, and also includes existing investors Morningside Group and Devon Park Bioventures. Headquartered in Shanghai, BVCF (formally known as BioVeda China) is a private equity and growth capital investor specializing in China’s life sciences and healthcare industry.

Weixin Xu and Davis Yang of BVCF will join the MicuRx board of directors.

Proceeds from the Series B financing will be used to fund the US 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).

“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.”

The company has initiated MRX-I Phase II clinical trials in China, through a joint venture Shanghai MengKe Pharmaceuticals with Shanghai Zhangjiang Biomedical Industry Venture Capital.

According to the company, 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.

——

Source: MicuRx Pharma.
Disclaimer: This article does not necessarily reflect the views of AsianScientist or its staff.

Asian Scientist Magazine is an award-winning science and technology magazine that highlights R&D news stories from Asia to a global audience. The magazine is published by Singapore-headquartered Wildtype Media Group.

Related Stories from Asian Scientist