MicuRx Closes $55 Million Series C Financing to Support Development of Next-Generation Antibiotic MRX-I

HAYWARD, Calif. and SHANGHAI, Sept. 26, 2016 /PRNewswire/ -- MicuRx Pharmaceuticals, Inc. today announced the close of its $55 million Series C financing. Led by GP Healthcare Capital, the round included new investors GP TMT Capital, 3E Bioventures Capital, and Delian Capital. Mr. Yu Miao of GP Healthcare Capital will join the board of directors.

"Our investors have recognized the unique benefits that our next-generation antibiotic, MRX-I, offers to patients who need better tolerated, more convenient oral and intravenous antibiotics to treat MRSA," commented Zhengyu Yuan, Ph.D., president and CEO of MicuRx. "We are very pleased to have the solid support of such a strong syndicate which will fund MicuRx through our first New Drug Application (NDA) filing in China. The fast growing pharmaceuticals market in China, presents an excellent opportunity for MRX-I. In parallel, we are pursuing development in the U.S. and other global markets."

Funding from Series C financing will be used to continue development of MRX-I in both the United States and China. With the funds, the company expects to complete its Phase 3 trial using oral MRX-1 to treat complicated skin and skin structure infections (cSSSI) in China, complete one pivotal US Phase 3 trial with oral and intravenous formulations of the drug for the indication of acute bacterial skin and skin structure infections (ABSSSI) as well as file a Chinese NDA for cSSSI. The BFC group provided financial advice to MicuRx.

MRX-I is an oral, next generation oxazolidinone antibacterial targeting infections due to multi-drug resistant Gram-positive bacteria, including methicillin-resistant Staphylococcus aureus (MRSA) and vancomycin-resistant enterococci (VRE). "Most current anti-MRSA agents for serious infections are available only in intravenous (IV) forms, without an oral tablet. According to the opinion leaders, a highly-potent, orally available agent that is safe for patients with co-morbidities, especially for use longer than 10 days, is a medical necessity," continued Dr. Hafkin, Chief Medical Officer of MicuRx.

In 2015, MicuRx successfully completed a Phase 2 trial of cSSSI in China and a Phase 2 trial of ABSSSI in the U.S. for MRX-I, with linezolid as comparator in both studies.   These trials, together with the previous completed Phase 1 trials in China and Australia, have demonstrated that MRX-I is highly efficacious, with non-inferiority to linezolid in treatment of skin infections, and with overall safety improvement, including the evidence of notably reduced hematologic toxicity, which is the key factor limiting the use of linezolid.

About MicuRx Pharmaceuticals, Inc.
MicuRx (http://www.micurx.com/) is a privately-held biopharmaceutical company whose mission is to discover and develop antibiotics with improved safety profiles to improve the treatment of resistant bacterial infections.  The lead compound, MRX-I, a next-generation oxazolidinone targeting methicillin resistant S. aureus (MRSA), was structure-designed to reduce hematological adverse events of this antibiotic class.  The company has research and development facilities outside San Francisco, CA in the USA, and in Shanghai, China.

SOURCE MicuRx Pharmaceuticals, Inc.

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