The China Securities Regulatory Commission (CSRC) has approved the initial public offering (IPO) of Sino-US firm MicuRx Pharmaceuticals Inc. on Shanghai’s Sci-Tech Innovation Board (STAR). The company, established in 2007, focuses on developing novel drugs for infectious diseases and kidney disorders.
Company Background
MicuRx has a pipeline of in-house developed drugs targeting multidrug-resistant gram-positive and gram-negative bacteria. It has completed nine Phase I, three Phase II, and one Phase III clinical trials globally, with two additional Phase I studies ongoing. The firm’s first Category 1 drug, contezolid, received priority review in December 2019 and was approved by the National Medical Products Administration (NMPA) in June 2021. The drug was included in the National Reimbursement Drug List (NRDL) the same year.
Financials
MicuRx spent RMB 54.28 million ($8 million) on R&D in 2020 and RMB 57.18 million ($8.5 million) in the first half of 2021. Sales expenses were RMB 4.37 million ($651,781) in 2020 and RMB 22.79 million ($3.4 million) in the first half of 2021, primarily due to the promotion of contezolid.-Fineline Info & Tech
