Singapore-based biotech startup Mirxes, which focuses on preventive healthcare solutions for cancer and infectious diseases, is considering an initial public offering (IPO) in the city-state next year, possibly as Bloomberg News reported, citing people familiar with the matter. Raised about $300 million. matter. The company is in discussions with bankers over a potential offering worth more than $1 billion, the report said, adding that deliberations are still ongoing. Analysts said any listing would help further stimulate Singapore’s IPO market. So far this year, the city-state’s first-time stock sales totaled $348 million, up from $242 million…
Singapore-based biotech startup Mirxes, which focuses on preventive healthcare solutions for cancer and infectious diseases, is considering an initial public offering (IPO) in the city-state next year that could raise about $300 million, Bloomberg News Citing someone with knowledge of the matter.
The company is in discussions with bankers over a potential offering worth more than $1 billion, the report said, adding that deliberations are still ongoing.
Analysts said any listing would help further stimulate Singapore’s IPO market. First-time stock sales in the city-state have totaled $348 million so far this year, up from $242 million a year earlier, according to data compiled by Bloomberg.
Potential for microRNA applications
According to its website, Mirxes, established in 2014 as an affiliate of the Singapore government-backed science, technology and research agency, develops solutions for the early detection of multiple cancers using a proprietary RNA-powered blood test.
The company said its founders pioneered a specific technology to analyze microRNAs, the smallest genetic material found in humans and other organisms, unlocking the potential for microRNA-based clinical applications to address “cancer, cardiovascular, metabolic and infectious diseases.” disease unmet needs.”
The startup raised $87 million in a Series C round in 2021, bringing the total raised since its inception to $130 million.
Mirxes has operations in China, Japan and the United States, and has commercial activities in more than 45 countries. In 2020, the startup joined other companies in its efforts to mass-produce Singapore’s first licensed Covid-19 PCR test, with more than 8 million kits deployed globally.