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Mainz Biomed Announces First Quarter 2023 Financial Results and Provides Corporate Update
ColoAlert® Revenue Increases 152% Year Over Year BERKELEY, Calif. and MAINZ, Germany, May 16, 2023 (GLOBE NEWSWIRE) -- Mainz Biomed N.V. (NASDAQ:MYNZ) (“Mainz
About this update from Quantum Cyber N.v.
[{"type":"text","content":"ColoAlert® Revenue Increases 152% Year Over Year BERKELEY, Calif. and MAINZ, Germany, May 16, 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 first quarter results which ended March 31, 2023 and provided a corporate update. Key Highlights During Q1 2023 ColoAlert® revenues were USD 250,077, representing an increase of 152% compared to Q1 2022Expanded the international commercialization for ColoAlert, Mainz Biomed’s 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 facilityGrew network of laboratory partnerships across Europe with additions in Germany, Spain and EnglandLaunched corporate health program in Germany accessing a EURO 1 billion annual market - Integration into Country’s “BGM” system providing employee health servicesU.S. Pivotal Clinical Trial (ReconAAsense) remains on track to commence patient enrollment in 2H 2023 – Opportunity to achieve gold standard status for self-administered CRC screeningExercised exclusive option with Uni Targeting Research AS to acquire all of the previously licensed scientific IP for ColoAlertAcquired entire IP portfolio for family of novel gene expression (mRNA) biomarkers from Sciences Sante et Humaines S.E.C. (“SOCPRA”) that demonstrated ability to detect CRC lesions, including advanced adenomas (“AA”), a type of pre-cancerous polyp often attributed to CRCContinued executing European and U.S. clinical studies (ColoFuture/eAArly DETECT) evaluating the SOCPRA biomarker portfolio for potential inclusion in ReconAAsense - eAArly DETECT on track to report results in mid-2023 & ColoFuture’s readout is expected in H2 2023.Maintained development pace for pipeline asset PancAlert, a potential first-in-class screening test for pancreatic cancer “The first quarter of 2023 proved to be a remarkable period of progress as we continue to build-out ColoAlert’s commercial franchise across Europe while executing on our programs in development, highlighted by the commencement of patient enrollment in the U.S. pivotal study for our CRC test by end of y...