- Mirxes logs $24.2M revenue amid $70.4M losses ahead of IPO.
- Biotech firm ramps R&D spend, eyes massive China screening market.
- Strategic investments prepare for revenue mix shift to cancer detection.
Billion-dollar biotech windfall
Biotech firm Mirxes logs $24.2M revenue in 2023, up 36.2% year-on-year ahead of imminent Hong Kong listing. However, total losses ballooned 21.8% to $70.4M driven by ramped-up R&D spending.
The revenue uptick stems from Mirxes’ early cancer detection arm, offsetting declines in its pandemic-fueled infectious disease unit.
Strategic investments prep the firm for this anticipated revenue mix shift.
Cracking the billion-person cancer screening kingdom
With eyes on China’s massive screening pool, Mirxes completed a cost-effective gastric cancer trial, spending just $50M versus typical $200M price tags. Two manufacturing facilities position it for product approval and adoption.
To accelerate its listing timeline, Mirxes secured $25M in loans and $2.7M from its CEO in early 2024. Despite higher liabilities, current assets exceed near-term obligations, boosting its IPO runway.
To read the original article: https://www.techinasia.com/mirxes-sees-70-4m-losses-and-24-2m-revenue-in-lead-up-to-hk-listing
