California-based MicuRx Pharmaceuticals Inc said it was able to raise USD 25 million in its Series B round. International private equity firm BioVeda China Fund (BVCF) led the round. Existing investors Morningside Group and Devon Park Bioventures also participated. The biopharmaceutical company said it would use the funds to develop their next-generation antibiotics. Specifically, MicuRx would be using the money for further development of MRX-I. MRX-I is an oral oxazolidinone antibiotic that could treat infections caused by Gram-positive bacteria, and had been proven to be resistant to other drugs.
MicuRx Pharmaceuticals Inc President and Chief Executive Officer Zhengyu Yuan said, "MicuRx's unusually high capital efficiency in their first six years of operation is exceptional for antibiotic development." He also added that they look forward to the second phase of clinical trials for MRX-I in different centers in the US. They had already finished the first phase of clinical trials for the drug "with a fraction of the capital required through a traditional operating model in the United States."
As part of the transaction, BVCF's Weixin Xu and Davis Yang would be joining the Board of Directors of MicuRx.
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