MicuRx Closes nearly $43M series D financing to accelerate the preparation of commercialization
August 5, 2020, MicuRx Pharmaceuticals, a Biotech focusing on discovery and development of novel antimicrobials, officially announced the close of nearly $43M series D financing, led by Huagai Capital, and with participation from Sinopharm-CICC and Zero2IPO Asset Management. The funds will be mainly used to promote and expand clinical pipeline, and to support the comprehensive independent commercialization in China market.
“We are honored to be recognized and supported by the Chinese top investors. Completion of this round marks the official entry of MicuRx into a new stage of development. “said Dr. Yuan Zhengyu, founder and CEO of the company,” The world’s public health system will face unprecedented challenges in 2020. At the same time, the world will continue to face the dual urgency of bacterial resistance and the shortage of new antimicrobial drugs. Shouldering the sacred mission of fighting infection, MicuRx will adhere to the enterprise spirit of “professionalism and innovation”, and strive to bring more original, efficient and safe products to patients with severe infection in China and the world, so as to better benefit the society. ”
As the leading investor of this round of financing, Xu Xiaolin, chairman of Huagai Capital, congratulated MicuRx on the successful completion of round D financing. “As a leading enterprise in the innovation and development of new antimicrobial drugs, MicuRx has a core R&D capability and unique product pipeline. Under the leadership of Dr. Yuan and the management, we believe that MicuRx will take the commercialization of the Chinese market as an opportunity to achieve a new take-off. ”
Mr. Li Zhiming, chairman of Sinopharm-CICC, commented: “China is a big country in the world widely uses common antibiotics. The overuse of antibiotics has led to the increasingly serious problem of clinical drug resistance. It is an urgent strategic need for Chinese enterprises to develop “super antibiotics” against drug-resistant bacteria in China. We hope that with the efforts of the company’s founding team and all shareholders, we can achieve a breakthrough of China’s local super antibiotics.”
The first product developed by MicuRx call contezolid, is a new generation of oxazolidinone antibiotics for the treatment of multi drug resistant Gram-positive bacteria including methicillin-resistant Staphylococcus aureus (MRSA) and vancomycin resistant Enterococcus (VRE). Since the discovery of the compound in 2008, MicuRx has spent 11 years in development. After successfully completing the first phase III clinical trial for Complex Skin and Soft Tissue Infections, MicuRx has submitted China’s new drug marketing application (NDA) at the end of 2019, and has granted the priority review by National Medical Products Administration (NMPA).
In order to comprehensively promote the independent commercialization of contezolid, MicuRx will establish an efficient and professional commercialization team. Zhao Dongming, VP of MicuRx, who has rich commercial experience in the field of anti-infection, said: “the company has completed the formulation of commercialization and marketing strategy for contezolid. We are confident that contezolid will be highly recognized by doctors and experts, meet the clinical needs of patients, and that the ultimate success of the commercialization of MicuRx new drug, return to shareholders and the society.”
About MicuRx Pharmaceutical
MicuRx is a clinical-stage biotechnology company, focusing on the discovery, development and commercialization of antimicrobial agents for the treatment of multidrug-resistant (MDR) “super bug” infections. Since its establishment in 2007, we have built a product pipeline, including contezolid (MRX-I), contezolid acefosamil (MRX-4), MRX-8 (New polymyxin for MDR Gram-negative bacteria), and MRX-12 (a novel type of drug for MDR Gram-negative bacteria). For details,Please visit: www.micurxchina.com 。
About Huagai Capital
With the vision of “becoming the most trusted investment partner of entrepreneurs and investors”, Huagai Capital focuses on private equity investment in three major fields of health care, TMT and culture and education. The accumulated fund scale under management is more than 15 billion RMB, and 10 invested enterprises have been listed successfully. Its medical fund focuses on the fields of biomedicine, medical devices and medical services, especially on the merger and integration in the healthcare area, and the investment opportunities of high-tech enterprises with rapid growth in the early and medium stage.
About Sinopharm-CICC Medical & Heathcare Fund
Sinopharm-CICC (Shanghai) Private Equity Investment Management Co., Ltd. is a fund management company jointly established by CICC capital and Sinopharm in 2016. Its medical industry fund managed by CICC is a private equity investment fund focusing on the investment in pharmaceutical and healthcare industries. The main investment directions of the fund are bio innovative drugs, pharmaceutical retail, medical devices, medical services, etc. The fund team mainly comes from CICC’s investment bank, direct investment department and senior executives of pharmaceutical companies, and has profound resources and rich experience in the field of investment and medical health.
About Zero2IPO Asset Management
Zero2IPO Asset Management started in 2012 and belongs to Zero2IPO Group, focusing on providing strategic industrial layout and medium to long-term asset management investment services for listed companies and family enterprises. Based on Zero2IPO Group’s deep understanding of China’s private equity industry and its comprehensive research, conference, consultation and investment services, Zero2IPO Asset Management excavates the enterprise and market value by active management, and realizes the concept of value investment.