Shanghai VC firm launches JV with MicuRx Pharma
Shanghai Zhangjiang Biomedical Industry Venture Capital has formed a joint venture with MicuRx Pharma, a Sino-US bio-pharmaceutical company, to support the development and commercialization of antibiotic MRX-I for the Chinese market.
Under the agreement, the Shanghai venture capital player will contribute RMB60 million ($9.6 million), the sum required for the clinical development program of MRX-I through filing with the China State Food and Drug Administration (SFDA).
MicuRx will retain a controlling interest in the joint venture and maintain all rights for MRX-I, which targets infections created by multi-drug resistant bacteria. The joint venture expects to complete clinical trials and start marketing in China by 2017.
"We are extremely pleased to partner with MicuRx to develop new antibacterial drugs capable of competing in the world market to address the growing problem of multi-drug resistant bacteria," said Haibo Wang, head of Shanghai Source Investment, manager of the Zhangjiang fund.
Established in 2010, Shanghai Zhangjiang Biomedical Industry Venture Capital has a total investment capital of RMB500 million. It focuses on investing in pharmaceutical-related companies in Zhangjiang High Technology Park of Shanghai.
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