Singaporean firm Mirxes enters Hong Kong to tap into growing multi-cancer early-stage screening market in Greater Bay Area
Mirxes, a spin-off of Singapore ’s Agency for Science, Technology and Research, expects China’s multi-cancer early-stage screening market to expandThe start-up’s move to Hong Kong followed its application in July for an IPO in the city’s stock exchangeCancerPeggy SitoPublished: 6:00am, 7 Aug, 2023Why you can trust SCMP
Demand for multi- cancer early-stage screening products in China and across the broader Asia market is set for substantial expansion, as one in four people worldwide is now at risk of developing the disease, according to Singaporean diagnostics start-up Mirxes Holding, which is establishing a foothold in Hong Kong this year.Mirxes, a spin-off of Singapore’s Agency for Science, Technology and Research, plans to make Hong Kong the base for its push into the larger Greater Bay Area (GBA) market, company co-founder and chief executive Zhou Lihan told the South China Morning Post.“Hong Kong is an excellent starting base for Mirxes’ foray into the GBA given its accessibility and connection to the surrounding countries,” Zhou said in a recent interview. The GBA is a megalopolis that comprises the special administrative regions of Hong Kong and Macau, and nine cities in southern Guangdong province, including its capital Guangzhou and tech hub Shenzhen.The move to Hong Kong by Mirxes, which launched the world’s first molecular diagnostic kit for early detection of gastric cancer in 2019, followed the company’s application in July for an initial public offering (IPO) in the city’s stock exchange as part of its regional business expansion.
The company aims to raise US$100 million to US$200 million from its Hong Kong IPO, according to people familiar with the matter. This would follow its US$50 million series D funding round.
