Shanghai-based antibacterial drug developer MicuRx Pharmaceuticals has officially made an initial public offering (IPO) of 130 million shares priced at RMB8.16 (USD1.21) per share on Shanghai’s Sci-Tech Innovation Board (STAR). With 655 million shares issued, the IPO will bring in RMB1.06 billion (USD157 million) for MicuRx.
Product Pipeline
MicuRx’s MRX-I (contezolid), an in-house designed and developed next-generation oxazolidinone antibacterial drug for treating infections caused by multi-drug-resistant gram-positive bacteria, received its first market approval in China in June 2022. The drug has reached the Phase I stage in Australia and Phase II in the United States. MRX-4, the water-soluble prodrug of MRX-I, has completed Phase II and Phase I clinical trials in the US and China, respectively. MRX-8, a multi-drug-resistant gram-negative antibacterial, is undergoing a Phase I study in the US and has an Investigational New Drug (IND) filing under review in China. MicuRx also has multiple pre-clinical drug candidates targeting renal cancer, nephritis, and COVID-19.
Financial Performance
MicuRx recorded a net loss of RMB86.8 million (USD12.8 million) during the first half of 2021.-Fineline Info & Tech
