Business
Mainz Biomed Announces Financial Half Year Results 2023 and Provides Corporate Update
ColoAlert® Revenue Increases 108% Year Over Year in the First Six Months of 2023 ColoFuture and eAArly Detect Studies on Track to Report Results in September
About this update from Quantum Cyber N.v.
[{"type":"text","content":"ColoAlert® Revenue Increases 108% Year Over Year in the First Six Months of 2023 ColoFuture and eAArly Detect Studies on Track to Report Results in September and in Q4, 2023 BERKELEY, Calif. and MAINZ, Germany, Aug. 15, 2023 (GLOBE NEWSWIRE) -- Mainz Biomed N.V. (NASDAQ:MYNZ) (“Mainz Biomed” or the “Company”), a molecular genetics diagnostic company specializing in the early detection of cancer, announced today the results of the first six months and second quarter ending June 30, 2023 and provided a corporate update. Key Highlights During Q2 2023 ColoAlert® revenues for the first six months of 2023 were USD $499,049, representing an increase of 108% compared to the first half of 2022.Expanded international commercialization for ColoAlert®, a highly efficacious and easy-to-use DNA-based detection test for colorectal cancer (CRC) being sold via the Company’s unique business model of marketing products via partnerships with third-party laboratories versus the traditional methodology of operating a single facility.Launched ColoAlert®’s commercial activities in Poland, Portugal, and Romania while growing its network of laboratory partnerships in established markets across Europe in Q2 as well as post-period.Grew corporate health program within Germany’s “BGM” system which provides health services to employees – Germany’s total BGM market represents a €1 billion per annum opportunity.U.S. Pivotal Clinical Trial (ReconAAsense) remains on track to commence patient enrollment – Opportunity to achieve gold-standard status for self-administered CRC screening.Continued executing European and U.S. clinical studies (ColoFuture/eAArly DETECT) evaluating portfolio of novel gene expression (mRNA) biomarkers for potential inclusion in ReconAAsense – Company plans to report results from its ColoFuture and eAArly DETECT feasibility studies in September and in the fourth quarter of 2023.Established partnership with Microba Life Sciences to explore the discovery and potential integration of novel microbiome biomarkers into pipeline asset PancAlert, a potential first-in-class screening test for pancreatic cancer. “I’m extremely pleased with the progress achieved during the second quarter as we execute our ambitious corporate growth strategy anchored by ColoAlert®’s commercial franchise and our product development pipeline,” commented Guido Baechler, ...