Singapore biotech startup considers stock listing to raise $300 million
Singapore-based biotechnology startup Mirxes, which focuses on preventive healthcare solutions for cancer and infectious diseases, is weighing an initial public offering (IPO) in the city-state next year that could raise about $300 million, Bloomberg News cited people with knowledge of the matter.
The company is in discussions with bankers about a potential offering that could value it at over $1 billion, the report said, adding that deliberations are still ongoing.
Any listing would help further stimulate the IPO market in Singapore, analysts say. First-time share sales in the city-state totaled $348 million so far this year, up from $242 million in the same period last year, according to data compiled by Bloomberg.
Potential of microRNA applications
Founded in 2014 as a spinoff from Singapore’s government-backed Agency for Science, Technology and Research, Mirxes develops solutions for early detection of multiple cancers using proprietary RNA-powered blood tests, according to its website.
The company says its founders have pioneered a specific technology to analyse microRNA, the smallest genetic material found in human and other living organisms, unleashing a potential of microRNA-based clinical applications in addressing “unmet needs in cancer, cardiovascular, metabolic and infectious diseases.”
The startup raised $87 million in a Series C funding round in 2021, taking the total amount raised to $130 million since its inception.
Mirxes has operations in China, Japan and the US and commercial activities in over 45 countries. In 2020, the startup along with others worked to mass produce Singapore’s first authorised Covid-19 PCR test, with more than eight million kits deployed globally.
Singapore-based biotechnology startup Mirxes, which focuses on preventive healthcare solutions for cancer and infectious diseases, is weighing an initial public offering (IPO) in the city-state next year that could raise about $300 million, Bloomberg News cited people with knowledge of the matter. The company is in discussions with bankers about a potential offering that could value it at over $1 billion, the report said, adding that deliberations are still ongoing. Any listing would help further stimulate the IPO market in Singapore, analysts say. First-time share sales in the city-state totaled $348 million so far this year, up from $242 million...
Singapore-based biotechnology startup Mirxes, which focuses on preventive healthcare solutions for cancer and infectious diseases, is weighing an initial public offering (IPO) in the city-state next year that could raise about $300 million, Bloomberg News cited people with knowledge of the matter.
The company is in discussions with bankers about a potential offering that could value it at over $1 billion, the report said, adding that deliberations are still ongoing.
Any listing would help further stimulate the IPO market in Singapore, analysts say. First-time share sales in the city-state totaled $348 million so far this year, up from $242 million in the same period last year, according to data compiled by Bloomberg.
Potential of microRNA applications
Founded in 2014 as a spinoff from Singapore’s government-backed Agency for Science, Technology and Research, Mirxes develops solutions for early detection of multiple cancers using proprietary RNA-powered blood tests, according to its website.
The company says its founders have pioneered a specific technology to analyse microRNA, the smallest genetic material found in human and other living organisms, unleashing a potential of microRNA-based clinical applications in addressing “unmet needs in cancer, cardiovascular, metabolic and infectious diseases.”
The startup raised $87 million in a Series C funding round in 2021, taking the total amount raised to $130 million since its inception.
Mirxes has operations in China, Japan and the US and commercial activities in over 45 countries. In 2020, the startup along with others worked to mass produce Singapore’s first authorised Covid-19 PCR test, with more than eight million kits deployed globally.
