Core Viewpoint - The article discusses the challenges faced by Mirxes Holding Company Limited (referred to as "Mirxes Group") in commercializing its blood-based cancer screening product GASTROClear, highlighting issues related to technology maturity, market education, and financial sustainability [3][4][24]. Group 1: Product Technology and Market Challenges - Mirxes Group's core technology is based on the detection of microRNA (miRNA), which plays a crucial role in gene regulation and is linked to various diseases, including cancer [5]. - GASTROClear, designed for early gastric cancer screening, claims a sensitivity of 87.5% for stage I gastric cancer, requiring only 5ml of blood for testing [5][6]. - Despite the promising technology, GASTROClear has not yet been commercialized in China, leading to a 16.14% decline in revenue to $2.028 million and a 32.55% increase in losses to $92.2147 million in 2024 [6][24]. Group 2: Pricing and Market Acceptance - GASTROClear is priced between $150 and $250, which is higher than traditional gastroscopy priced at $80 to $200, raising concerns about its competitiveness in the market [8]. - The specificity of GASTROClear is only 68.4%, meaning a significant number of false positives could lead to consumer skepticism and reluctance to adopt the product [9][10]. Group 3: Financial Needs and Investment Landscape - The company has relied heavily on external funding, with significant investments from various entities, including a $87 million C round financing in 2021 [15][16]. - As of March 31, 2025, Mirxes Group had only $2.6125 million in cash and cash equivalents, indicating a pressing need for capital to sustain operations [18]. - The company has not demonstrated the ability to generate revenue independently, with R&D expenses accounting for 94.19% of revenue in 2024, leading to a cumulative loss of $218 million since 2022 [20][23]. Group 4: Regulatory and Market Entry Barriers - Even if GASTROClear receives regulatory approval, the lack of a comprehensive cancer screening system in China poses significant challenges for market penetration [22]. - The Chinese healthcare system is primarily government-driven, and without support from public insurance, widespread adoption of cancer screening products like GASTROClear is unlikely [22].

Core Viewpoint - Mirxes Holding Company Limited, known for its "blood test for cancer," is nearing the end of its IPO process after four rounds of applications, with plans to list on the Hong Kong Stock Exchange on May 23, 2023, aiming to raise a net amount of HKD 888 million through the issuance of 46.62 million shares at HKD 23.30 each [1]. Group 1: IPO Details - The company has secured cornerstone investors, including Beijing Xunrui and Evergreen Gate, who have collectively subscribed to USD 57.92 million, accounting for 41.37% of the global offering shares and 6.98% of the total share capital post-IPO [2]. - Beijing Xunrui, a significant investor, is indirectly controlled by the Jiujiang State-owned Assets Supervision and Administration Commission, while Evergreen Gate is a wholly-owned subsidiary of Fosun International, indicating a strategic interest in the biotech sector [2][3]. Group 2: Financial Background - Mirxes has raised a total of USD 167.2 million across three financing rounds (B, C, D), attracting notable institutions such as China Chengtong, Jiancheng Kaiyuan, and Nohow Venture Capital [5]. - Despite substantial fundraising, the company faces cash flow pressures, with cash and cash equivalents dropping from USD 102 million at the end of 2021 to USD 261.24 million by Q1 2025, alongside increasing annual losses projected at USD 56.2 million, USD 69.6 million, and USD 92.2 million for 2022-2024 [6]. Group 3: Product Development - The core product, GASTROClear, is a gastric cancer early screening tool that requires only 5 milliliters of blood to detect 12 miRNA biomarkers, having received regulatory approval in Singapore in 2019 and breakthrough device designation from the FDA in 2023 [6][7]. - GASTROClear has not yet launched in China, but a Class III registration application was submitted in 2023, with expectations for a market introduction in the first half of the year [7]. - The company is also developing additional products, including LungClear for lung cancer screening and a COVID-19 testing kit, with six more candidates in the pipeline [7].

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 ...