Singapore-headquartered Mirxes Holding Company has successfully secured US$50 million ($66.3 million) in its Series D funding round.
In its July 26 release, the company says it will use the funds to mainly scale the adoption and penetration of Mirxes’ flagship stomach cancer blood test in major Asia-Pacific (APAC) markets including Southeast Asia (SEA), China and Japan. The funds will also go towards the acceleration of the development and commercialisation of Mirxes’s maturing clinical pipeline, including a blood-based colorectal cancer screening test and the multi-cancer early detection test under Project Cadence. Project Cadence seeks to develop a single blood test for early detection of nine high mortality cancers, powered by the company’s first-in-class RNA technology and other complementary biomarker technologies.
The funding came from new and existing investors including EDB Investments Pte Ltd which is wholly-owned by the Economic Development Board (EDB), the Agency for Science, Technology and Research (A*STAR), and Mitsui & Co. Other investors include Beijing Fupu, which the Management Committee of Zhejiang Anji Economic Development Zone has an indirect majority stake in.
“Amid a challenging macro-environment, this new investment further validates the clinical and socio-economic impact of our proprietary miRNA technology platform, and continues to position Mirxes as a frontrunner in the global fight against cancer through early detection,” says Dr Zhou Lihan, co-founder and CEO of Mirxes.
“We are honoured by the tremendous support and confidence from our existing and new investors. This fresh funding will fuel our ambitious growth plans and enable us to continue making a significant impact in the field of multi-cancer early detection,” he adds.
Filing for its Hong Kong IPO
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Further to its statement, Mirxes announced that it has filed a listing application with The Stock Exchange of Hong Kong (HKEx).
“The company's commitment to be a leading RNA-centric multi-omics technology company that provides accurate, accessible, and actionable diagnostic solutions to address critical unmet clinical needs across the care continuum, has propelled it towards these milestones, which will provide enhanced opportunities for investors and further bolster Mirxes's global position,” reads its statement.
Mirxes’ co-founders, including Dr Zhou, were named the EY Entrepreneur Of The Year (EOY) in 2021 by professional services organisation, Ernst & Young (EY). The other founders at Dr Zou Ruiyang, co-founder and chief technology officer (CTO) and chief investment officer (CIO) Isaac Ho.
In June 2022, Mirxes was said to have considered listing in Singapore. The announcement, at the time, stated that the company could raise about US$300 million. A week later, the announcement was denied by the company, who said that it had not committed to any formal listing plans at the time.
