Singapore-based biotechnology startup Mirxes has received $40 million in structured financing from CBC Group’s R-Bridge Healthcare Fund (R-Bridge) to support its growth and expansion into key global markets, according to an announcement.
R-Bridge will provide bespoke financing of $40 million with a synthetic royalty structure and flexible repayment terms.
The transaction underscores R-Bridge’s commitment to advancing life sciences innovations and expanding access to high-quality medical care, the company said in the announcement.
Proceeds from the financing will further accelerate its commercialization efforts in new markets and enable further innovation in its RNA diagnostic technologies.
Founded and headquartered in Singapore in 2014, Mirxes is an RNA technology company that is engaged in the development of innovative, accurate and accessible cancer early detection tests. Its proprietary product, GASTROClearTM, is the world’s first and only In Vitro Diagnostics product that has obtained regulatory approval for gastric cancer screening.
In May 2024, DealStreetAsia reported that Mirxes saw its losses swell to about $70 million in 2023, a 25% rise from a year earlier, even as its revenue increased 36% during the year.
The company’s financial statement was included in its filing with the Hong Kong Exchange and Clearing (HKEX) ahead of its anticipated initial public offering in the city within the next six months. Mirxes refiled its draft prospectus with a target to raise at least $100 million for a valuation of around $600 million.
R-Bridge Healthcare Fund is
R-Bridge was founded in 2020 to provide alternative, non-dilutive financing for healthcare companies backed by royalties, revenue interests and other cash flow generated by sales of healthcare products and services in Asia as well as globally, with the intent to generate attractive and non-correlated returns for investors. R-Bridge raised its inaugural fund in 2020 and is currently investing from its successor fund, RBF II.
