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Singapore biotech firm Mirxes refiles HK IPO with target valuation of US$600 million

Nicole Lim
Nicole Lim • 2 min read
Singapore biotech firm Mirxes refiles HK IPO with target valuation of US$600 million
If successful, Mirxes will be the largest biotech listing from Singapore on the HKEx. Photo: Albert Chua/The Edge Singapore
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Singapore biotech firm Mirxes has refiled its draft prospectus for a Hong Kong IPO, with a target to raise at least US$100 million ($135.28 million) for a valuation of some US$600 million. This news comes a year after Mirxes first filed to list on the Stock Exchange of Hong Kong (HKEx) last July.

If so, this will make Mirxes, which focuses on cancer diagnostics, one of if not the largest listing by a biotech company from Singapore. The company intends to complete the listing within the next six months.

According to its latest draft prospectus lodged with the HKEx in April, Mirxes recorded losses of US$70.4 million for its FY2023 ended Dec 31, 2023. The company incurred costs in R&D, typical of such deep tech firms, and also booked US$20.2 million in non-cash items, where preference shares accounted for US$11.1 million of losses, while depreciation for property, plant and equipment accounted for another US$7.98 million. 

Revenue for FY2023 was US$24.2 million, up 36% over the preceding year. 

Founded in 2014 as a spinoff from Singapore’s Agency for Science, Technology and Research (A*STAR), Mirxes focuses on early detection of multiple cancers using proprietary RNA-powered blood tests. 

In 2022, Mirxes was said to have considered listing in Singapore, but denied the announcement a week after. It was reported that the company would raise US$300 million then. 

See also: Malaysia-listed LYC Healthcare drops plan to list Singapore subsidiary on SGX

In July 2023, Mirxes announced that it secured US$50 million in its Series D funding round, with investments from new and existing investors such as EDB Investments, 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.

The company said that it would use the funds to scale the adoption and penetration of its flagship stomach cancer blood test in major Asia Pacific, and accelerate the development and commercialisation of its maturing clinical pipeline.

The company’s co-founder and CEO Dr Zhou Lihan, says: “We're excited to leverage the success of our existing products and strong branding to fuel future innovation and growth. This IPO will be a new engine to propel us forward in three key areas: expand commercialisation of our products, develop new game-changing tests, and improve operational efficiency. Mirxes is ready to write the next chapter of our journey."

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