Singapore biotechnology startup Mirxes has denied that it has any formal IPO plans in Singapore, contradicting an earlier Bloomberg report.
On June 27, Bloomberg reported the company was weighing an IPO in Singapore next year that could raise about US$300 million ($415.7 million), citing "people with knowledge of the matter."
In response to queries from The Edge Singapore, Mirxes said that it "would like to emphasise" that it was not the source for Bloomberg article, adding that the article has cited other sources.
It added that the company has not committed to any formal listing plans, and will raise funds at an "appropriate time to fund our growth."
Back in September 2021, Mirxes was reportedly in early talks to go public via a SPAC listing in the US, and was reported to be in discussions with Summit Healthcare Acquisition, which raised $200 million in a June IPO, and the combined company would reportedly be valued at $1.2 billion.
According to an SEC filing, Summit Healthcare Acquisition is led by sponsors such as the founder of Asia healthcare private equity firm CBC Group Fu Wei.
See also: Biotech startup Mirxes weighs US$300 mil Singapore IPO
However, in a reply to The Edge Singapore, Mirxes CEO Dr Zhou Lihan said that it has "no formal plan to go IPO via a de-SPAC."
Earlier at a May 27 groundbreaking ceremony for the company's $8 million Industry 4.0 manufacturing facility in Singapore, Zhou was asked if Mirxes plans to go public, to which he responded "I think it's a very volatile capital market right now. To a biotech company, raising funds privately or publicly are both viable channels."
He said then that the company will explore both channels, as well as talk to various investors and watch the market, adding, "[an] IPO is certainly a very exciting milestone for any company. In our sector, most companies are looking at a timeline of maybe 10, 15 years. We're only eight years old, we still have time, and we'll assess what's best for Mirxes in the next two to three years."
Mirxes is a 2014 spin-off out of Singapore’s Agency for Science, Technology and Research, also known as A*STAR. It focuses on early detection of multiple cancers using proprietary RNA-powered blood tests, and in 2020, worked with others to mass produce Singapore’s first authorized Covid-19 PCR test, with more than 8 million kits deployed globally.
