Singapore-based biotechnology company MiRXES has raised $77 million in Series C funding led by CR-CP Life Science Fund, a joint venture between China Resources Group and Thailand’s Charoen Pokphand Group.
According to a statement, the round was also joined by global healthcare investment firm Rock Springs Capital and Singapore-based global investor EDBI, CCBI, Keytone Ventures, and financial institutions from the US, Singapore, China, Hong Kong and others.
MiRXES added that this brings the total proceeds raised since inception to $120 million, reportedly making it the largest funding to date by a Singapore-based cancer diagnostics company.
Founded in 2014, MiRXES is a spin-off from Singapore’s Agency for Science, Technology, and Research (A*STAR) institute. It develops Ribonucleic acid (RNA)-powered tests for early disease detection, including cardiovascular, metabolic and infectious diseases.
In 2019, MiRXES launched what it called the world’s first microRNA blood test for early detection of gastric cancer, called GASTROClear. It currently has a pipeline of screening tests for early detection of a range of cancer types including for lung, colorectal, liver, and breast cancer.
“With this fresh funding, MiRXES will bring forward our plans to deliver a comprehensive portfolio of non-invasive screening tests for early detection of six major cancers, and to expand the use of our platform RNA technology for cardiovascular, metabolic and infectious diseases research and diagnostics globally,” said Dr Lihan Zhou, co-founder and chief executive officer of MiRXES.
MiRXES is looking to use the proceeds for hiring and projects to double its global talent pool to 400 staff over the next two years. Most of these hires will be in R&D, data science and commercial teams.
“MiRXES’s best-in-class technology, differentiated business model, and strategic advantage with its headquarter in Singapore and infrastructures in major markets offer MiRXES a strong competitive advantage to access markets in the Asia Pacific and globally,” said Da Liu, Managing Director, CR-CP Life Science Fund.
“Our operational resources will be able to accelerate MiRXES’s growth in China, as well as assist MiRXES to realize their ambition of becoming a global leader in RNA-powered diagnostics and preventive medicine,” Liu added.
MiRXES is headquartered in Singapore with operations in China, Japan and the United States. The firm has commercial activities in over 45 countries globally.