MiRXES has recently applied to Hong Kong’s stock exchange for an initial public offering (IPO). Before this application, the company raised $50 million in a Series D funding round, which valued the company at around $600 million post-money. This funding round attracted new international investors, including Beijing Fupu, a Chinese state-owned fund, Mitsui, a Japanese conglomerate, and Singapore’s Agency for Science, Technology, and Research (A*Star). Notably, this pre-IPO investment is considered rare.
The primary purpose of raising these funds is to scale the adoption of MiRXES’ flagship stomach cancer blood test, Gastroclear, in South-east Asia, China, and Japan. Gastroclear is a micro RNA blood test that aims to detect gastric cancer early, providing major clinical and socioeconomic benefits to regions like China, which is home to a third of the world’s deaths from the disease.
MiRXES is a biotechnology company with its headquarters in Singapore and focuses on improving and saving lives through RNA-powered disease early detection tests. The company operates in various regions, including Mainland China, Japan, the US, and Hong Kong, with commercial activities in more than 45 countries globally.
Until recently, Mirxes was caught between listing locally or overseas. It started a formal application to the Singapore Exchange earlier in 2023 for an offering that could value the company at up to US$700 million, BT reported in April.
The allure of Hong Kong, sources told BT at the time, was the potentially higher valuation of up to US$1 billion floated by bankers who thought the market could better support biotech players. The decision to list in Hong Kong was likely driven by the allure of potentially higher valuations.
Overall, MiRXES is seeking to further its mission of providing cutting-edge cancer diagnostics and early detection tests to a global market, with a particular focus on expanding Gastroclear’s presence in key Asian markets.
