China-focused BVCF leads $25m round for MicuRx Pharma
BVCF, a China-focused private equity growth fund specializing in life sciences, has a led a $25 million Series B round for MicuRX Paharmaceuticals, a biopaharma firm developing next generation antibiotics. The round also includes existing backers Morningside Group and Devon Park Bioventures.
The capital injection will be used to further the development of MRX-I, an antibiotic targeting infections caused by a multi-drug resistant bacteria. The company has research and development facilities outside San Francisco and in Shanghai.
MicuRx has previously raised $12 million in Series A funding. Weixin Xu and Davis Yang of BVCF will join the MicuRx board of directors.
"We invest in companies with experienced management teams and sound strategic plans," said Zhi Yang, general partner at BVCF in a statement. "We look forward to supporting the parallel development of MRX-I in the US and China."
BVCF was founded in 2005 under its previous name, Bio Veda China, by Dr. Zhi Yang. The firm is headquartered in Shanghai and its team includes partners with an academic background and extensive operational experience. BVCF focuses on investments in life science and healthcare companies in China with an enterprise value of $50-100 million.
In June, International Financial Corp (IFC) announced it would commit up to $20 million to BVCF's latest $200 million fund, BVCF III.
Aside from this latest investment BVCF has backed 11 companies including CITIC Pharmaceuticals, Ealong Biotech, Allegens Medical Science and Technology, Novast laboratories, Sinobiopharma, Cathay Industrial Biotech, Biocytogen, Nexchem, Napo Pharmaceuticals, NOD Pharmaceuticals and Yashentech.
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