Hong Kong-listed Chinese Legend Holdings’s venture capital unit Legend Capital has led a 700 million yuan ($107 million) Series E round funding in MicuRx Pharmaceuticals, Inc., a Chinese clinical-stage biopharma firm specialising in antimicrobial therapeutics, the investee said in a WeChat post on Monday.
MicuRx attracted a slew of investors including China Merchants Group’s investment bank unit China Merchants Securities, Korea Investment Partners, Yingke PE, Founder Securities’ investment arm Founder H Fund, Zhongtai Ventures, and Detong Capital.
The fresh proceeds will be used for new drug development, global clinical trials, pipeline advancement and drug commercialisation in China, the company said.
MicuRx completed its $43-million Series D round in August 2020 led by Huagai Capital with the participation of Sinopharm-CICC and Zero2IPO Asset Management.
With dual headquarters in Shanghai and San Francisco Bay Area, MicuRx delivers clinical-stage antimicrobial agents for the treatments of multidrug-resistant infections.
MicuRx expects to commercialize its flagship drug candidate contezolid (MRX-I) – an antibacterial drug for complicated skin and soft tissue infections in 2021.
The company’s early backers include GP Healthcare Capital, 3E Bioventures, GP TMT Capital and others.