Existing investors Devon Park Bioventures and Morningside Group also took part in the financing, which will be used to fund development of MicuRx’s new oral drug targeting multi-drug resistant Gram-positive bacteria.
BVCF’s Weixin Xu and Davis Yang will join the MicuRx board of directors following the investment.
Zhi Yang, a partner at the firm, said, “We invest in companies with experienced management teams and sound strategic plans.
“We look forward to supporting the parallel development of MRX-I in the United States and China, as this novel antibiotic has the potential to offer an attractive option for addressing the growing threat of multi-drug resistant bacteria.”
In April Edmond de Rothschild Investment Partners made the first investment from its BioDiscovery 4 life sciences fund by leading a €15m Series A round for Swiss-based company Allecra Therapeutics.
The funds will be used to finance early clinical development of two new antibiotic treatments also designed to combat multi-drug resistant gram-negative bacteria.
Forbion Capital Partners co-led the round, which was also backed by EMBL Ventures.
Copyright © 2013 AltAssets