Core Viewpoint - Mirxes Holding Company Limited (referred to as "Mirxes") has successfully listed on the Hong Kong Stock Exchange, with its share price rising significantly on the first day of trading, reflecting strong market interest in its innovative cancer screening technology [1][2]. Company Overview - Mirxes, founded in 2014 and headquartered in Singapore, specializes in RNA technology, focusing on non-invasive blood-based microRNA (miRNA) diagnostic kits for early disease detection, particularly cancer [1][5]. - The company has launched its first product, GASTROClear™, which is the world's first and only approved molecular diagnostic IVD product for gastric cancer screening [5]. IPO Details - The IPO involved a global offering of 46.62 million shares, representing 16.87% of the total shares post-IPO, with a pricing of HKD 23.30 per share, raising approximately HKD 1.086 billion [1]. - The public offering was oversubscribed by 25.51 times, while the international offering saw a subscription rate of 0.98 times [2]. Product Pipeline - As of May 2025, Mirxes has one core product (GASTROClear™), two other commercialized products (LUNGClear™ and Fortitude™), and six candidates in preclinical stages [3]. - GASTROClear™ has received CE certification in 2017 and FDA breakthrough device designation in 2023, with clinical trials in China showing promising results [5][10]. Financial Performance - The company reported revenues of USD 17.76 million, USD 24.19 million, and USD 20.28 million for the years 2022, 2023, and 2024, respectively, while incurring net losses of USD 56.20 million, USD 69.57 million, and USD 92.21 million during the same period [7][8]. - Despite increasing revenues, the company has faced continuous losses, indicating challenges in achieving profitability [7]. Market Valuation - As of the closing on May 23, the market capitalization of Mirxes was approximately HKD 82.90 billion, translating to a price-to-sales (P/S) ratio of about 52 times based on projected 2024 revenues [9]. - The valuation is heavily reliant on future revenue expectations, particularly from GASTROClear™ and other products in the pipeline [9][10]. Future Outlook - The company's future valuation will depend on the commercialization speed of GASTROClear™ and the potential of its multi-cancer pipeline [12]. - Approval from China's National Medical Products Administration (NMPA) for GASTROClear™ is anticipated in the first half of 2025, which could significantly impact the company's market position [10][12].

Core Viewpoint - Mirxes has successfully listed on the Hong Kong Stock Exchange, achieving a market capitalization of over 8.5 billion HKD, and generates annual revenue of approximately 146 million CNY through its innovative cancer detection technology using a single blood sample [3][11]. Company Overview - Mirxes specializes in miRNA technology and currently has three commercialized products and six candidates in preclinical stages [10]. - The core product, GASTROClear™, allows for early detection of gastric cancer using just 1 milliliter of blood, with an accuracy rate exceeding 87% [7][10]. Financial Performance - The company's revenue fluctuated from 17.76 million USD in 2022 to 24.19 million USD in 2023, before dropping to approximately 20.28 million USD in 2024 [11]. - Mirxes reported a loss that expanded from 56.2 million USD in 2022 to 92.2 million USD in 2024 [11]. Research and Development - Over the past three years, Mirxes has invested more than 60 million USD in R&D, holding 22 granted patents and 68 pending patent applications [12]. - The company has a cash reserve of over 5 million USD as of the end of 2024, bolstered by approximately 888 million HKD raised from its IPO [12]. Investment and Shareholding - The company has attracted significant investment, including a D round financing of 50 million USD, with notable investors such as Sun Tongyu, who holds a 22.03% stake, making him the largest shareholder [17][14]. - Other key shareholders include the founders and various venture capital firms, reflecting strong institutional support [17][14]. Market Position and Future Prospects - Mirxes aims to launch GASTROClear™ in China by the first half of 2025, expanding its market reach [10]. - The company has established a reputation in the miRNA field and is positioned for growth in the Asia-Pacific region [8][10].

Core Viewpoint - Mirxes Holding Company Limited has successfully passed the Hong Kong Stock Exchange hearing and is set to launch its global offering, aiming for a listing on May 23, 2025 [1][2] Group 1: IPO Details - Mirxes plans to issue 46.62 million shares, with 90% allocated for international offering and 10% for Hong Kong public offering, raising approximately HKD 1.086 billion [1] - The offering price is set at HKD 23.30 per share, with a minimum subscription of 100 shares [1] - Two investors have committed to purchasing shares worth approximately USD 57.92 million (around HKD 449 million), including Beijing Xunrui and Evergreen Gate [1] Group 2: Company Overview - Founded in 2014 and headquartered in Singapore, Mirxes specializes in microRNA (miRNA) technology for disease screening and diagnostic solutions [2] - The company has one core product, GASTROClear™, and two other commercialized products, LUNGClear™ and Fortitude™, along with six candidates in preclinical stages [2] - GASTROClear™ is the first and only approved blood-based miRNA diagnostic product for gastric cancer screening, having received regulatory approval in Singapore and breakthrough device designation from the FDA [2] Group 3: Financial Performance - Despite having commercialized products, Mirxes is currently operating at a loss, with revenues of USD 17.76 million, USD 24.18 million, and USD 20.28 million from 2022 to 2024, respectively [3] - The company reported losses of USD 56.20 million, USD 69.57 million, and USD 92.21 million during the same period [3] - Operating expenses, including sales, distribution, and administrative costs, are on the rise, with total expenses projected to increase significantly [3] Group 4: Use of Proceeds - The net proceeds from the IPO, estimated at HKD 881 million, will be allocated as follows: 51% for the development and commercialization of GASTROClear™, 24% for ongoing and planned R&D, 15% for enhancing operational capabilities, and 10% for working capital and general corporate purposes [4]

Core Viewpoint - Mirxes Holding Company Limited is seeking to list on the Hong Kong Stock Exchange, with CICC and CCB International as joint sponsors [1] Company Overview - Founded in 2014, Mirxes is a Singapore-based company specializing in microRNA (miRNA) technology aimed at making disease screening and diagnostic solutions accessible in key Asian markets, including Singapore and China [3] - The company has one core product, GASTROClearTM, which is the world's first and only approved molecular diagnostic IVD product for gastric cancer screening [3] Market Opportunity - Gastric cancer is the fifth leading cause of cancer death globally in 2023, with approximately 1 million new cases [3] - The gastric cancer screening market in China, Japan, Southeast Asia, and the United States grew from $13 billion in 2019 to $15.2 billion in 2023, with a compound annual growth rate (CAGR) of 4.1% [3] - The market is projected to reach $21.2 billion by 2028 and $25.4 billion by 2033, with CAGRs of 6.8% and 3.7% respectively for the periods 2023-2028 and 2028-2033 [3] Financial Performance - Revenue for 2022, 2023, and 2024 is estimated at approximately $17.76 million, $24.19 million, and $20.28 million respectively [4] - Gross profit for the same years is estimated at about $9.33 million, $13.58 million, and $8.89 million [4] - The company has incurred significant operating losses, with a projected loss of approximately $56.2 million in 2022, $69.57 million in 2023, and $92.21 million in 2024 [6]

Core Viewpoint - Mirxes Holding Company Limited, known as "觅瑞," is a pioneer in developing and commercializing blood-based miRNA diagnostic kits for early cancer detection, with its core product GASTROClear™ being the only approved molecular diagnostic IVD product for gastric cancer screening globally [1][5]. Company Overview - Founded in 2014, Mirxes focuses on making disease screening and diagnostic solutions accessible in key Asian markets, including Singapore and China [2]. - The company has a core product, GASTROClear™, along with two other commercialized products (LungClear™ and Fortitude™) and six candidates in preclinical stages [4]. Product Details - GASTROClear™ consists of 12 miRNA biomarkers for gastric cancer screening and was successfully commercialized in Singapore after receiving regulatory approval in May 2019 [4]. - Fortitude™ 2.0 received temporary clinical use authorization in April 2020 and CE-IVD certification in June 2020, leading to its commercialization in Singapore and global markets [4]. - LungClear™ has been commercialized as an LDT service in Southeast Asia since December 2022 and in Japan since January 2023 [4]. Market Position - According to Frost & Sullivan, Mirxes is one of the few companies globally to have received regulatory approval for molecular cancer screening IVD products and is the only one for gastric cancer screening [5]. - The company has established end-to-end capabilities across research, clinical trials, production, and commercialization, with facilities in Southeast Asia, China, Japan, and the U.S. [5]. Team and Expertise - The founding team has significant academic achievements and research experience in miRNA molecular detection, having established Singapore's first RNA diagnostic PCR laboratory in the early 2000s [6]. - They founded a leading miRNA candidate discovery laboratory in Singapore in 2012, which had one of the highest throughput capacities globally [6]. Funding and Financial Strategy - Mirxes has received investments from notable institutions, including Rock Springs Capital and others, and secured $40 million in strategic financing from a fund under 康桥资本 to accelerate GASTROClear™'s market entry in the Asia-Pacific region [6][7]. - The net proceeds from the IPO will primarily fund the R&D, regulatory filings, production, and commercialization of GASTROClear™, as well as support ongoing and planned R&D efforts [7].

Core Insights - The global cancer early screening market is experiencing rapid expansion, particularly in the gastric cancer screening sector, which has grown from $13 billion in 2019 to $15.2 billion in 2023, with projections to exceed $25 billion by 2033 [1][3] - Mirxes, a pioneer in miRNA technology, has developed GASTROClearTM, the world's first approved miRNA gastric cancer early screening kit, which offers a non-invasive, cost-effective, and convenient alternative to traditional screening methods [1][6] Market Growth - The gastric cancer screening market in China, Japan, Southeast Asia, and the U.S. is expected to see a compound annual growth rate (CAGR) of 4.1% from 2019 to 2023, accelerating to a projected CAGR of 6.8% from 2023 to 2028 [3][4] - The penetration rate of gastric cancer screening in high-risk populations in China has increased from 21.6% in 2019 to 27.8% in 2023, with expectations to rise to 67% by 2033 [4] Technological Advancements - Mirxes has successfully commercialized miRNA early screening products, overcoming significant challenges in the industry related to the detection of subtle differences between miRNAs [5][7] - GASTROClearTM has demonstrated a high sensitivity of 87% for overall gastric cancer detection, with specific sensitivities of 87.5% for stage I cancer and 75% for lesions smaller than 1 cm [9] Business Strategy - Mirxes plans to initially offer GASTROClearTM as a laboratory-developed test (LDT) to build brand awareness before transitioning to in vitro diagnostic (IVD) product sales [2] - The company has submitted an IPO application to the Hong Kong Stock Exchange, aiming to leverage its unique miRNA technology for rapid market expansion [1][10] Financial Performance - In 2024, GASTROClearTM generated $6.278 million in revenue, accounting for 30.9% of total revenue, with a gross profit of $1.9234 million and a gross margin of 70.6% [10][11] - The detection volume for GASTROClearTM doubled in 2024 compared to 2023, reaching 106,600 tests, indicating strong market demand and operational efficiency [10] Future Outlook - Mirxes is set to launch GASTROClearTM as an IVD product in China by mid-2025, following the completion of clinical trials and submission of registration applications [11] - The company has secured $40 million in strategic financing to support the commercialization of GASTROClearTM in the Asia-Pacific market and accelerate clinical validation of other product lines [11]

全球范围内首家且唯一一家获得分子胃癌筛查IVD产品监管批准的公司。 本文为IPO早知道原创 作者｜Stone Jin 微信公众号｜ipozaozhidao 据 IPO 早 知 道 消 息 ， 中 国 证 监 会 国 际 合 作 司 于 2025 年 1 月 24 日 披 露 了 《 关 于 Mirxes Holding Company Limited（觅瑞集团控股有限公司，以下简称"觅瑞"）境外发行上市备案通知书》。 成立于2014年的觅瑞作为一家起源于新加坡的微小核糖核酸("miRNA")技术公司，中国总部在浙江 安吉，专注于在全球范围内普及疾病筛查诊断解决方案。 截至2024年10月31日，觅瑞拥有一种核心产品(即GASTROClear™)、两种其他商业化产品(即 LungClear™及Fortitude™)以及六种处于临床前阶段的候选产品。 其中，觅瑞的核心产品GASTROClear™为一个由12种miRNA生物标志物组成的用于胃癌筛查的基 于血液的miRNA检测组，其已于2019年5月获得新加坡卫生科学局的C类体外诊断证书后成功商业 化。 根据弗若斯特沙利文的资料，觅瑞是开发及商业化用于癌症及其他疾病 ...

根据弗若斯特沙利文的资料， 觅瑞 是开发及商业化用于癌症及其他疾病早期检测 的、精准的、无 创的、可负担的、基于血液的miRNA检测试剂盒的先驱者与领导者 ； 根据弗若斯特沙利文的资料， 觅瑞 是全球为数不多的已获得分子癌症筛查行业IVD产品监管批准的公司之一，同时也是全球范围 内首家且唯一一家获得分子胃癌筛查IVD产品监管批准的公司。 今年上半年，核心产品GASTROClear的毛利率超80%。 本文为IPO早知道原创 作者｜Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，Mirxes Holding Company Limited（以下简称"觅瑞"）于11月4日更新招股 书，继续推进港交所主板上市进程，中金公司和建银国际担任联席保荐人。 成立于2014年的觅瑞作为一家起源于新加坡的微小核糖核酸("miRNA")技术公司，专注于在全球范 围内普及疾病筛查诊断解决方案。 截至2024年10月31日，觅瑞拥有一种核心产品(即GASTROClear)、两种其他商业化产品(即 LungClear及Fortitude)以及六种处于临床前阶段的候选产品。 其中，觅瑞的核心产品GASTROC ...