Mirxes Announces US$40M Synthetic Royalty-Backed Financing from CBC Group’s R-Bridge to Accelerate Global Growth

Original from: Mirxes

Mirxes, a leading RNA technology company specializing in early cancer detection and precision medicine, today announced a US$40 million structured financing transaction with CBC Group’s R-Bridge Healthcare Fund (“R-Bridge”). This partnership will provide critical support for Mirxes’ ambitious growth and expansion into key global markets.

Stamp of confidence from a major healthcare player

CBC Group, Asia’s largest healthcare-dedicated asset management firm with over US$9 billion in assets, manages R-Bridge. The US$40 million synthetic royaltybacked financing from R-Bridge, Asia’s first and only healthcare-dedicated structured financing fund, will provide Mirxes a long-term, flexible solution to meet its near-term strategic priorities. These priorities include commercialization efforts in new markets and further innovation in its RNA diagnostic technologies. Since its founding in February 2020, R-Bridge has established itself as a leader in financing solutions, backed by royalties and other cash flows, for life sciences companies.

Mirxes – a global leader in the early cancer detection

Mirxes is a pioneer in developing and commercializing accurate, non-invasive, and affordable blood-based miRNA tests for the early detection of cancer and other diseases. Its proprietary product, GASTROClear™, is the world’s first and only In Vitro Diagnostics (“IVD”) product that has obtained regulatory approval for gastric cancer screening. With a proven 87.5% sensitivity for stage 1 cancers and 75% sensitivity for lesion sizes under 1 cm, GASTROClear™ has set a new benchmark in blood-based cancer early detection since obtaining its regulatory approval in Singapore in 2019 and the US FDA breakthrough device designation in 2023.

Mirxes recently completed a successful prospective clinical trial in China with 9,472 participants, demonstrating superior results. These results have been submitted 2 to the China National Medical Products Administration (NMPA) to support the regulatory approval of GASTROClear™ in China. According to Frost & Sullivan, this is the largest prospective clinical trial of molecular gastric cancer screening globally. Data from the 2 clinical trials in Singapore and China, as well as real-world evidence since 2019, has proven that GASTROClear™ detects many early and asymptomatic gastric cancers, when patients can potentially be cured. This is in stark contrast to the current clinical scenario where, in the absence of effective screening, 70% or more gastric cancers are discovered in late stage with very poor patient survival rate. These findings further validate the safety and effectiveness of GASTROClear™ as a novel, accurate, and accessible screening solution for gastric cancer.

Going forward, Mirxes will continue to expand its innovative miRNA technology platform, supported by an industry-leading portfolio of over 90 patents and applications. Mirxes is also accelerating the launch of research and clinical tests for lung, liver and colorectal cancers, with a focus on ramping up operations in high-growth Asia Pacific markets like Southeast Asia, China and Japan.

Dr. Michael Keyoung, Senior Managing Director & Head of Private Credit and Royalty at CBC Group, said, “with Asia’s aging population along with other factors driving higher cancer incidence, the need for better and earlier cancer detection has become increasingly more urgent and important, especially for gastric cancer which is more prevalent among Asian population. By providing this strategic financing, we are enabling Mirxes to scale its innovative miRNA technology platform globally, with potential to revolutionize cancer screening and diagnosis. This financing underscores our mission to support pioneering healthcare solutions that advance innovation and improve lives worldwide.”

“The escalating clinical and socio-economic burden of cancer is driving demand for accurate and accessible cancer early detection tests. We are proud to partner RBridge, who shares a common mission, to deploy innovative cancer screening tests to save lives and reduce healthcare costs,” said Dr. Zhou Lihan, Co-Founder and CEO, Mirxes. “This bespoke, synergistic and multi-faceted partnership with CBC Group is timely and critical to drive Mirxes’ commercial expansion in Asia-Pacific markets and to accelerate our clinical pipeline development.”

Source: Mirxes Announces US$40M Synthetic Royalty-Backed Financing from CBC Group’s R-Bridge to Accelerate Global Growth