Singapore Cancer Diagnostics Startup Gets $77 Million in Funding
(Bloomberg) -- Singaporean biotechnology startup MiRXES Pte raised $77 million from investors led by CR-CP Life Science Fund to deliver early detection tests for cancer and other diseases.
Other backers in the Series C funding round include Rock Springs Capital, EDBI, CCB International Holdings Ltd. and Keytone Ventures, the company said in a statement. The round, which brings the total amount of money raised to date to $120 million, values the seven-year-old startup at $500 million, according to a person with knowledge of the matter who asked not to be identified.
MiRXES will use the fresh capital to expedite plans to deliver non-invasive screening tests for early detection of six major cancers, and to expand its RNA technology for cardiovascular, metabolic and infectious diseases research and diagnostics globally.
“We are building a global business,” Chief Executive Officer Lihan Zhou, 39, said in an interview. The company plans to raise a further $200 million or more in the next 18 months via a private funding round or a public listing in Asia or the U.S., the CEO said.
The company will hire 150 people to bring its global staff to 400 in the next two years, Zhou said. The startup has operations in China, Japan and the U.S.
CR-CP Life Science Fund is a joint venture between China Resources Group and Thai conglomerate Charoen Pokphand Group Co.
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