Menicon Completes Over RMB 700 Million Series E Financing, Setting a New Record for Antibacterial Drug Developers

VCBeat has learned that on December 21, 2020, Shanghai Micurx Pharmaceutical Co., Ltd. (“Micurx”) announced the completion of its Series E financing round, totaling over RMB 700 million (including both new and existing shares). The round was led by Legend Capital, with participation from multiple professional institutions, including Fujian Yingke Venture Capital, Founder H Fund, China Merchants Securities, Detong Capital, KIP, and Zhongtai Venture Capital. The funds will be primarily used to expand indications for new drugs, advance subsequent international multi-center clinical trials, broaden the R&D product pipeline, and support independent commercialization in the Chinese market.

As a global leader in the research and development of anti-infective drugs, Micurx submitted the marketing application for its first new drug, contezolid (Youxitai®, code name MRX-I), in China in early 2020, and it has been included in the priority review and approval process. Contezolid is the first Class 1 novel drug against drug-resistant bacteria independently developed by Micurx, which can be used to treat infections caused by multidrug-resistant Gram-positive bacteria, including methicillin-resistant Staphylococcus aureus (MRSA) and vancomycin-resistant Enterococcus (VRE). Since discovering contezolid in 2008, Micurx underwent eleven years of development and completed the world’s first Phase III clinical trial for complicated skin and soft tissue infections in 2019. Commercialization is expected to be achieved in the first half of 2021.

Global demand for drugs to treat drug-resistant bacteria has experienced a "drought" lasting more than 30 years. To combat bacterial resistance, prevent a scenario where no effective treatments are available for drug-resistant infections, and address unmet clinical needs, the development of effective and safe "super antibiotics" specifically targeting drug-resistant bacteria has become an urgent strategic priority in China. Micurx’s new drug, contezolid, was developed precisely in response to this need. To ensure that contezolid benefits patients as soon as possible, Micurx is building a highly efficient and professional in-house commercialization team.

Yuan Zhengyu, Founder and CEO of Micurx, stated, “For over a decade, Micurx has remained steadfast in its original mission: to address the most pressing public health challenges facing society today by developing novel drugs to prevent, treat, and cure diseases associated with drug-resistant bacteria, thereby improving people’s health and quality of life. We are deeply honored to have earned the trust and support of top-tier domestic investment institutions such as Legend Capital. This round of financing will further advance Micurx’s strategy of leveraging innovation as the primary engine for rapid corporate growth, with the aim of building an internationally leading biopharmaceutical company that delivers tangible benefits to patients.”

Jerry Li, Senior Vice President and Chief Financial Officer of Micurx Pharmaceuticals, stated, “Micurx has once again successfully completed a new round of equity financing, reflecting the capital market’s strong recognition of the Company’s strategic positioning, business strategy, and market value. Micurx will continue to adhere to the strategic principle of ‘Pursuing Efficacy with Quality Medicines’ proposed by Dr. Zhengyu Yuan, leveraging its R&D strengths to pursue both organic growth and external expansion. With the long-term goal of achieving a high return on invested capital, we are committed to delivering returns to shareholders and giving back to society.”

Mr. Zhou Hongbin, Managing Director at Legend Capital, stated, “We have engaged in in-depth discussions with the management team of Micurx Pharmaceuticals. Dr. Yuan, the CEO, is a leading global scientist in the field of novel anti-infective drug development, with over 30 years of experience in new drug R&D. Through thirteen years of dedication and resilience, Micurx has gradually built a scientifically rigorous, lean, low-profile, and pragmatic team, and established a globally innovative pipeline with well-coordinated stages and unique advantages. These pipelines address the critical clinical need for severe infections in a rare and valuable manner, holding distinct medical value and social significance. Legend Capital is honored to have the opportunity to participate in and support Micurx’s endeavors. We hope the company will continue to grow into a scarce and leading global enterprise in the R&D of novel anti-infective drugs, benefiting patients with severe infections worldwide! We extend our special gratitude to the management team and existing shareholders for their recognition and support of Legend Capital!”

Micurx is a company dedicated to the discovery, development, and commercialization of innovative anti-infective drugs, committed to addressing the most pressing public health challenges facing society today. Since its establishment in 2007, Micurx has built a robust R&D pipeline comprising several innovative drug candidates, including contezolid (Uxitai®, code name MRX-I), contezolid acefosamil (MRX-4), and MRX-8 (a novel polymyxin-class antibiotic targeting multidrug-resistant Gram-negative bacteria). Notably, the New Drug Application (NDA) for contezolid has been submitted in China and granted priority review status. Furthermore, two other key novel agents against drug-resistant bacteria are advancing through clinical trials: MRX-4 has completed Phase II clinical trials in the United States, while MRX-8 is currently undergoing Phase I clinical trials in the United States, with synchronous development in China actively progressing. Micurx boasts an international professional team focused on developing new anti-infective therapies. The company’s founder and CEO, Dr. Zhengyu Yuan, and Chief Scientific Officer, Dr. Mike Gordeev, bring over 30 years of experience in new drug development. They previously co-founded Vicuron Pharmaceuticals, a U.S.-based innovative anti-infective company that was acquired by Pfizer for $1.9 billion in 2005.

Legend Capital is a professional venture capital firm under Legend Holdings, established in April 2001. Its core business focuses on early-stage venture capital and growth-stage expansion investment, with a particular emphasis on sectors such as TMT and innovative consumption, intelligent manufacturing, healthcare, and professional services. The total assets under management in its USD and RMB funds exceed RMB 50 billion, with a strategic focus on innovation and growth opportunities in China.

As of 2020, Legend Capital had invested in nearly 500 portfolio companies, among which approximately 80 have successfully completed initial public offerings or listings on domestic or overseas exchanges, and more than 60 have achieved exit through mergers and acquisitions.