MicuRx Pharmaceuticals Files for Hong Kong IPO; First Drug Expected to Launch in 2020

On June 27, 2018, biopharmaceutical company MicuRx Pharmaceuticals filed a listing application with the Hong Kong Stock Exchange (HKEX), seeking a listing on the Main Board. Jefferies served as the sole sponsor, making MicuRx the third pre-revenue biopharmaceutical company to file for an IPO with the HKEX. The net proceeds from the listing will be used for product development and clinical trials.

According to the prospectus, MicuRx Pharmaceuticals is a clinical-stage biopharmaceutical company with a diversified asset portfolio, focused on the discovery, development, and commercialization of safe and effective antibacterial therapies for infections caused by multidrug-resistant (MDR) “superbugs.”

Four Products Currently Under Development

Contezolid, an investigational drug for which MicuRx Pharmaceuticals has obtained patent authorization, is the only oxazolidinone antibiotic in clinical development worldwide that can be administered systemically to combat multidrug-resistant Gram-positive bacteria. Data from preclinical and clinical studies conducted by the company in China, the United States, and Australia indicate that contezolid has the potential to treat severe infections caused by multidrug-resistant Gram-positive bacteria while reducing bone marrow toxicity.

The company’s proprietary water-soluble prodrug of contezolid, contezolid acefosamil, also has the potential to be administered both intravenously and orally, offering a safe treatment for infections and demonstrating clear advantages over other currently available therapies that are limited to intravenous administration.

Alliance Medical's two other new drugs, MRX-8 and MRX-10, for the treatment of drug-resistant Gram-negative bacteria, will also enter clinical trials in 2019.

MicuRx Pharmaceuticals adopts a hybrid U.S.-China model to leverage its R&D engine and experienced research teams in both countries, implementing parallel development and launching complementary projects to accelerate the global approval and commercialization of novel antibiotic drugs.

The prospectus discloses MicuRx Pharmaceuticals’ capitalization history and shareholding structure since its inception:

(Capitalization Status of MicuRx Pharmaceuticals)

(Equity Structure Chart of MicuRx Pharmaceuticals)

Prior to its initial public offering, MicuRx Pharmaceuticals secured a total of $107 million in investments from investors including Morningside Ventures, BVCF, Delian Capital, GP Healthcare Capital, GP TMT Capital, 3E Bioventures Capital, and Huahai Pharmaceutical.