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MiRxes Raises $77M in Series C Round to Speed Progress of Early Cancer Detection Tests

NEW YORK – Early cancer detection diagnostic firm MiRxes announced on Thursday that it has raised $77 million in a Series C financing round.

The round was led by CR-CP Life Science Fund and joined by Rock Springs Capital, EDBI, CCBI, and Keytone Ventures, among other financial institutions from the US, Singapore, China, and Hong Kong, the company said in a statement. It added that with the Series C financing, the firm has raised $120 million since being founded in 2014.

The Singapore-based company, founded as a spinoff from Singapore's Agency for Science, Technology, and Research, said it would use the money to fund the development and commercialization of its pipeline of multicancer early detection tests. It also plans to expand the use of its platform RNA technology for cardiovascular, metabolic, and infectious diseases research and diagnostics.

The firm's cancer tests look for blood-borne microRNA and other molecular signatures released by cancer and immune cells. Its current portfolio includes tests for six major cancers: lung, colorectal, liver, breast, pancreatic, and gastric cancers.

"MiRxes’ unique PCR-based platform’s ability to accurately and robustly detect RNA biomarkers from biological fluids like blood and urine has opened up a pathway of possibilities towards preventive healthcare and precision medicine," Jay Kraska, an analyst at Rock Springs Capital, said in a statement.

MiRxes will also use the funding from its Series C round to accelerate regulatory approval and adoption of its GastroClear gastric cancer test in China and Japan, as well as in select other countries that have high rates of gastric cancer. The company is launching a prospective clinical trial with 12,000 patients to receive registration of GastroClear as a screening test with China's National Medical Products Administration.

According to the company, it is working with academic institutions globally to conduct large-scale clinical studies for its various cancer tests.

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