Mirxes Holding Company Ltd, a Singapore-based RNA technology company specializing in blood-based miRNA test kit products, has submitted an updated initial public offering (IPO) prospectus to the Hong Kong Stock Exchange. The document reveals the company’s financial performance as of June 2024. During the first half of the year, Mirxes reported total revenues of USD 9.57 million, a decrease of 3.35% year-on-year (YOY). The net loss for the period was USD 44.3259 million, marking a 31.17% increase compared to the same period in the previous year. Despite the overall revenue decline, the core business revenue saw a growth of over 60%, with the gross profit of the core product GASTROClear exceeding 80% for the first time.
GASTROClear’s Market Performance and Regulatory Milestones
GASTROClear, a blood-based miRNA detection group comprising 12 miRNA biomarkers for gastric cancer screening, is the world’s first approved blood-based gastric cancer molecular diagnostic early screening kit. It has received approvals and is in use in Southeast Asian countries including Singapore and Thailand, following a CE market approval in 2017 and a Breakthrough Devices Designation (BDD) in the US in 2023. Positive testing results from a registry clinical study in China in 2023, which enrolled nearly 10,000 participants, have led to the filing for marketing approval in China. In the first half of 2024, GASTROClear generated sales of USD 2.6814 million, contributing to 28% of the total revenue, up from 16.9%. The testing volume increased significantly, more than three times that of the same period in 2023, with the gross profit margin of testing services remaining near 50%.
Mirxes’ Product Pipeline and Commercialization Efforts
Mirxes has two commercialized products, LungClear and Fortitude, and six candidate products at the pre-clinical stages, indicating a robust pipeline and active commercialization efforts.- Flcube.com
