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MiRXES Board of Directors welcomes strategic investor Da Liu from CR-CP Life Science Fund to fast-track groundbreaking early cancer diagnostics
Board appointment coincides with an additional US$10 million capital injection into MiRXES from private equity CDG Capital and NHH Ventures
SINGAPORE, 21 September 2021 – MiRXES Pte Ltd, a biotechnology company focused on improving and saving lives with RNA-powered disease early detection tests, announced today the appointment of Mr. Da LIU to its Board of Directors. Currently the Managing Director of CR-CP Life Science Fund, Mr. Liu leads investments in life sciences companies globally, especially those in emerging sectors such as RNA therapeutics and cancer screening.
“We are pleased to welcome Mr. Liu to MiRXES’s Board of Directors as we continue on our exciting journey in delivering early, actionable and personalized diagnoses across the care continuum to save and improve lives,” said Dr. Lihan ZHOU, Co-founder and CEO of MiRXES. “MiRXES is a global organization and Mr. Liu brings international business perspective and leadership to our efforts in creating breakthroughs and expanding MiRXES’s footprint across the globe in cancer early detection and precision medicine.”
Prior to joining CR-CP Life Science Fund as Managing Director, Mr. Liu was the business director at China Resources, focusing on biopharmaceuticals and head of business development at China Resources Pharmaceutical Group. Mr. Liu started his career as a clinical pharmacist and has extensive experience in value chain management, retail, wholesale as well as manufacturing in both the U.S. and China. With his vast network of business contacts in and insights on the drug industry, Mr. Liu has successfully brought business opportunities from the U.S. to China such as setting up the first diabetic specialty drugstore, and introducing hospital automation system and specialty drug concept in the market. Mr. Liu received his bachelor’s degree in Pharmacy from St. John’s University in New York, U.S. and his master’s degree in Business Administration from Thunderbird School of Global Management in Arizona, U.S.
Mr. Liu is also instrumental in bringing his past and existing portfolio of life sciences companies to go public in both Hong Kong Stock Exchange and the Nasdaq. Some of the listed companies that Mr. Liu brought to IPO include Legend Biotech, Genor Biopharma, JW Therapeutics, and New Horizon Health.
“I am inspired by MiRXES’s mission to deliver breakthroughs in cancer early detection to save and improve lives. They are asking the right questions, about how we can catalyse and support innovation for human health in a very purposeful way. Cancer continues to be the leading cause of death worldwide, and MiRXES demonstrates clearly that when we focus capabilities and resources to address specific challenges, we can make a huge difference,” said Mr. Liu, Managing Director, CR-CP Life Science Fund.
Concurrent with Mr. Liu’s appointment, MiRXES has secured an additional US$10 million from healthcare specialist private equity firm CDG Capital and NHH Ventures, a diagnostics focused fund founded by New Horizon Health, a leading cancer early detection company listed in Hong Kong. This is in addition to MiRXES’s successful oversubscribed Series C funding round of US$77 million in early July, bringing the total amount secured by MiRXES since its inception in 2014 to US$130 million, the largest funding to date raised by a Singapore-headquartered cancer diagnostics company. With the strategic investors onboard, MiRXES, the developer of COVID-19 Fortitude tests and GASTROClear, the world’s first RNA-powered blood test for the early detection of gastric cancer, could fast-track a pipeline of non-invasive cancer diagnostics tools to aid early detection of different types of cancer in new markets where the strategic investors lend their local knowledge and business know-how.
Mr. Hongxing LI, Partner of CDG Capital said, “MiRXES is revolutionizing the early diagnostics industry with its best-in-class RNA technology. This is an exciting time for MiRXES as well as the biotechnology industry. Simultaneously, CDG Capital continuously believe in development of multi-cancer early detection technology. CDG Capital looks forward to joining the MiRXES team on their journey to improve and deliver long-term benefits to the people globally.”
Dr. Ethan HU, Managing Partner of NHH Ventures said, “With the advancement of biotechnology and its ability to enable early diagnosis and early screening, people’s perception of disease and health will undergo a transformational change. We are excited to share the same ambition as MiRXES in developing and commercializing early cancer screening technology for the world.”
Dr. Zhou said, “Having recently closed our Series C funding round, we are deeply humbled to still be receiving much interest from investors. Disease early screening is still a huge untapped market globally and with cancer being the leading cause of death worldwide, our industry requires the collective effort of all the relevant biotechnology companies to realize the goal of eradicating life-threatening diseases.”
“CDG Capital has a strong track record of innovative value-investing and value-creation in both Asian and global markets, evident from the success of their portfolio companies such as Grail, Innovent Biologics and more, and MiRXES is excited to have them join our global expansion journey. MiRXES is also proud to be the first investee company of NHH Ventures, and we share a common vision of creating accurate, actionable, and accessible cancer early detection solutions for the people. Having CDG Capital and NHH Ventures on board is a strong testament and commitment by the industry to achieve this goal, and MiRXES is delighted to be supported by like-minded partners as we accelerate our growth and multi-cancer early detection pipeline,” added Dr. Zhou.
Founded in 2014 as a spin-off from Singapore’s Agency for Science, Technology, and Research (A*STAR) with strong support from the National University of Singapore (NUS), MiRXES is a leading developer of RNA-powered tests for disease early detection, with strong pipelines in multiple cancer types, as well as in cardiovascular, metabolic and infectious diseases. MiRXES is headquartered in Singapore, with operations in China, Japan and the United States, as well as commercial activities in over 45 countries globally. In 2019, MiRXES launched GASTROClear, the world’s first microRNA blood test for early detection of gastric cancer. The MiRXES’s multi-cancer early detection pipeline includes screening tests for lung, colorectal, liver, and breast cancer. In response to the COVID-19 pandemic in 2020, MiRXES worked closely with A*STAR, Diagnostics Development Hub (DxD) and Tan Tock Seng Hospital (TTSH) to mass produce Fortitude Kit, Singapore’s first authorized COVID-19 RT-PCR test. Since February 2020, more than 8 million Fortitude Kits have been deployed globally.
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About CR-CP Life Science Fund
CR-CP Life Science Fund is a joint venture set up by China Resources Group and Charoen Pokphand Group, one of the largest private Thai conglomerates. The fund is mandated to invest in leading life science companies that develop innovative drugs and therapies, medical technology and smart healthcare technology.
About China Resources Group
China Resources Group is a Hong Kong based conglomerate and it ranked 79th of the Fortune Global 500 enterprises in 2020.
About Charoen Pokphand Group
Charoen Pokphand Group (“CP”) is a Thai based conglomerate. Together with its subsidiaries, CP operates across many industries ranging from industrial to services sectors, which are categorized into 8 business lines covering 13 business groups including agro-industrial and food, retail and distribution, media and telecommunications, information and communications technology, property development, automotive and industrial products, pharmaceuticals and finance.
About CDG Capital
Founded in 2016, CDG Capital focuses on innovative value-investing and constant value-creation for portfolio companies and pursues investments spanning all phases of private equity investment, targeting healthcare, high-end manufacturing, and TMT sectors. CDG Capital has invested in many outstanding companies, including Innovent Biologics, Akeso Biopharma, MicroPort CardioFlow, RemeGen, Grail, and Dac Biotechnology, etc.
For more information, visit http://www.cdginv.com/
Follow us on LinkedIn @ https://www.linkedin.com/company/cdgcapital
About NHH Ventures
NHH Ventures is a venture capital company and the general partner of NHH Ventures Fund, which focuses on investing in breakthrough technologies in molecular diagnostics with vast consumer market potentials. The main investors of NHH Venture Fund include New Horizon Health, a Hong Kong listed company and a world leader in early cancer screening.