Private Equity News Singapore Singapore-based Biotech Mirxes Raises $50m, Files for Hong Kong IPO
Singapore-based cancer diagnostics company Mirxes has raised $50 million in Series D funding ahead of its potential listing on the Hong Kong stock exchange.
The funding round was led by Beijing Fupu Capital and Mitsui & Co., with participation from existing investors EDBI and NHH Venture Fund.
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The funding will be used to scale adoption of Mirxes’ flagship product, GastroClear, a blood test for early detection of gastric cancer.
GastroClear is currently available in Singapore, Malaysia, and Hong Kong, and the company plans to expand its reach to other Asian markets in the coming years.
Mirxes is also developing other cancer early detection blood tests, including a test for colorectal cancer and a multi-cancer early detection test. The company believes that its blood tests have the potential to revolutionize cancer screening and prevention.
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“We are excited to bring our innovative cancer early detection blood tests to patients around the world,” said Dr. Henry Zhou, CEO of Mirxes. “This funding will allow us to accelerate our commercialization efforts and make our tests more accessible to people who need them.”
Mirxes’ filing for a Hong Kong IPO is a significant milestone for the company. If the IPO is successful, Mirxes will become the first company outside of China and Hong Kong to list on the Hong Kong stock exchange under a provision that supports biotech IPOs.
The listing would provide Mirxes with access to a large pool of capital and help the company to raise its profile in the global cancer diagnostics market.
“We believe that the Hong Kong stock exchange is the right place for us to list,” said Dr. Zhou. “The exchange has a strong track record of supporting biotech companies, and we believe that our listing will be well-received by investors.”
Mirxes’ fundraising and IPO plans are a sign of the growing momentum in the global cancer diagnostics market. As the cost of cancer care continues to rise, there is a growing demand for early detection tests that can help to prevent cancer or catch it early, when it is more treatable.
Mirxes is well-positioned to capitalize on this growing market. The company has a strong team of experienced scientists and executives, and its blood tests have the potential to make a significant impact on the lives of cancer patients.
With its recent fundraising and IPO plans, Mirxes is poised to become a leading player in the global cancer diagnostics market.
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