Singapore biotech start-up MIRXES-B rose 30% in Hong Kong debut on Friday.

Mirxes launched its initial public offering (IPO) in Hong Kong on Thursday (May 15) as it seeks to raise HK$1.09 billion (S$181 million) to further grow the business.

It intends to use about half of the net proceeds for research and development, regulatory filings and manufacturing and commercialisation of Mirxes’ flagship stomach cancer blood test Gastroclear. The product is the world’s first approved molecular blood test for early detection of gastric cancer. 

Mirxes’ focus on GASTROClear™ for gastric cancer detection positions it in a diagnostics market projected to expand significantly in coming years.

The global gastric cancer diagnostic procedure market is expected to grow from $1.30 billion in 2022 to $1.91 billion by 2028, representing a compound annual growth rate of 6.5%.

This growth is driven by rising prevalence of gastrointestinal diseases and increasing cases of Helicobacter pylori infections, highlighting the clinical need that Mirxes’ technology addresses.

MiRXES has developed GASTROClear as a liquid biopsy test that assesses 12 microRNA biomarkers for early gastric cancer detection, leveraging advanced molecular diagnostic techniques that align with broader industry trends toward precision medicine.

With approximately 26,500 new gastric cancer cases estimated in the U.S. alone for 2023, the company is targeting a substantial clinical need that could support its commercial aspirations if it can demonstrate superior diagnostic capabilities.