Singapore's Mirxes raises $50m, files for Hong Kong IPO
Singapore-based biotech player Mirxes has raised USD 50m in Series D funding - at a post-money valuation of USD 600m - from the likes of Beijing-based Fupu Capital and Japan's Mitsui & Co, and filed to list in Hong Kong.
The new funding will accelerate the R&D in early cancer screening and boost commercialisation efforts in major Asia Pacific markets, according to a statement. Other participants in the round included EDBI, an investment arm of Singapore’s Economic Development Board, and Accelerate Venture Creation, which is part of the country's Agency for Science, Technology and Research (A*STAR).
Mirxes was founded in 2014 by Heng Phon Too, Lihan Zhou, and Ruiyang Zou. They previously established Singapore’s first PCR (polymerase chain reaction) lab for RNA diagnostics in 2000. This was followed in 2012 by a microRNA (miRNA) candidate discovery lab.
Mirxes provides blood-based early cancer screening products and services based on miRNA test reagents. Its gastric cancer screening product has been approved in Singapore and is undergoing a prospective clinical trial in China. According to industry reports, Mirxes is the first and only company worldwide to receive regulatory approval for an in vitro diagnostic (IVD) product for molecular gastric cancer screening.
Additionally, the company has launched a flagship programme intended to develop a blood-based early screening test that covers nine types of cancer.
Gaorong Capital participated in a USD 30.2m Series B for Mirxes in 2018 and now holds a 2.05% stake, according to a prospectus. The post-money valuation was USD 150.2m. An USD 87m Series C - at a valuation of USD 487m - followed in 2021. It featured EDBI, Keytone Ventures, Rock Springs Capital, and the VC arm of New Horizon Health, among others.
Fupu owns 3.33%, while Rock Springs, EDBI, and Accelerate hold 1.88%, 1.77%, and 1.70%, respectively.
Mirxes generated USD 17.8m in revenue in 2022, down from USD 60.6m the previous year. This was primarily due to a sharp drop in the infectious diseases segment as COVID-19 eased. The company noted that revenue from the early detection and precision segment grew from USD 6.3m in 2021 to USD 10.3m in 2022.
Mirxes posted a net loss of USD 56.6m in 2022 compared to USD 3m in 2021.
More on Southeast Asia
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.