MiRXES Secures $40 Million Funding to Expand Cancer Diagnostics in Asia

MiRXES, a Singapore-headquartered biotechnology company specializing in RNA technology for early disease detection, has recently completed a $50 million Series D funding round. Concurrently, the company has filed for an IPO on the HKEx, marking a significant milestone in its mission to make early disease detection accessible globally.

Details of the Series D Funding

The Series D round attracted both existing and new investors, including:

• Beijing Fupu: A Chinese state-owned fund with a majority stake indirectly owned by the Management Committee of Zhejiang Anji Economic Development Zone.
• EDB Investments Pte Ltd: A wholly-owned subsidiary of the Singapore Economic Development Board.
• Agency for Science, Technology and Research (A*STAR): Singapore’s lead public sector R&D agency.
• Mitsui & Co., Ltd.: A Japanese conglomerate listed on various stock exchanges in Japan.
• NHH Venture Fund: An investment fund participating in the biotech sector.

It should hasten the provision of innovative, next-generation, blood-based, cancer early-detection tests, as well as preventive healthcare options, to high-growth major markets.

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Strategic Milestones Post-investment

With the fresh funding, the group will focus on the following;

• Scale the sales of its signature stomach cancer blood test, GASTROClear™, throughout major Asia-Pacific markets, from Southeast Asia up to China and into Japan.
• Advance Clinical Pipeline: Accelerate the development and commercialization of a blood-based colorectal cancer screening test and the multi-cancer early detection test under Project CADENCE.

Project CADENCE

Project CADENCE is an ambitious project by MiRXES to develop a single blood test capable of early detection of nine high-mortality cancers. This project will utilize the company’s proprietary RNA technology and other complementary biomarker technologies to provide a comprehensive early detection solution.

Filing for Hong Kong IPO

In addition to raising Series D funding, MiRXES has filed a listing application with the HKEx under Chapter 18A, which deals with biotech companies that do not pass the financial eligibility tests of the Main Board. This will offer more investment opportunities and further strengthen MiRXES’s position in the global market.

Company Background

Founded in 2014 as a spin-off from Singapore’s A*STAR, MiRXES has developed industry-first blood tests using microRNA (miRNA) as cancer markers, enhancing sensitivity and robustness in early cancer detection. The company operates in China, Japan, and the United States, with commercial activities in over 45 countries.

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Financial Performance

MiRXES revealed that revenue improved by 36% to reach $24.2 million in 2023 as compared to last year’s earnings of $17.8 million. However, the company also incurred a loss of $70.4 million during this period, attributed mainly to preparatory costs to list on an exchange and investing in research and development.

Outlook

With the Series D funding and the upcoming IPO, MiRXES is well-positioned to:

• Improve Product Offerings: Continue to develop innovative RNA-based diagnostic solutions for early disease detection.
• Expand Market Reach: Increase its presence in key markets, especially in the Asia-Pacific region.
• Drive Profitability: Leverage economies of scale to accelerate profitability, especially with the expected approval and adoption of GASTROClear™ in China.

Summary

MiRXES, a Singapore-based biotech firm, managed to secure $50 million raised from the Series D fundraising round and filed its initial public offering (IPO) on Hong Kong’s Stock Exchange (HKEx). The strategic move will speed up the development and commercialization of the tests of RNA-powered early cancer detection across major markets.