Mirxes in talks to go public

, Business times

Singapore biotech company Mirxes is in early talks to go public via a blank-cheque company affiliated with veteran private equity healthcare investor Fu Wei. If the merger is successful with Summit Healthcare Acquisition, Mirxes, which specialises in cancer diagnostics, will be the latest from Singapore to join the likes of Grab, Carousell and PropertyGuru planning to go public through a SPAC in the US.

Mirxes' investors include CR-CP Life Science Fund, a 50-50 joint venture between China Resources Group and Thailand's Charoen Pokphand Group, as well as EDBI, the investment arm of Singapore's Economic Development Board.

Founded in 2014 as a spin-off from Singapore's science and tech research arm A*Star, Mirxes has developed a PCR (polymerase chain reaction) test kit that can detect cancer cells in the blood even at early stages when there are no symptoms. Headquartered in Singapore, the startup also has operations in China, Japan and the US.

The latest development comes on the heels of Mirxes' recent US$77 million fundraise in July, which brought its valuation to over US$500 million, triple that of the valuation from its previous round.

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