Business
Mainz Biomed Establishes Physician-Led Laboratory Expanding Service Offering for Privately Insured Patients in Germany
Company opens own physician-led laboratory, ‘European Oncology Lab’ (EOL), thereby offering ColoAlert® as a laboratory medical service directly to physicians
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[{"type":"text","content":"Company opens own physician-led laboratory, ‘European Oncology Lab’ (EOL), thereby offering ColoAlert® as a laboratory medical service directly to physicians and patients\nBERKELEY, Calif. and MAINZ, Germany, Feb. 06, 2024 (GLOBE NEWSWIRE) -- Mainz Biomed N.V. (NASDAQ:MYNZ) (“Mainz Biomed” or the “Company”), a leader in molecular genetics diagnostic solutions for early cancer detection, announces the opening of the ‘European Oncology Lab’ (EOL). The physician-led facility represents an expansion of the Company’s collaboration with Laboratory Dr. Buhlmann with a shared location in Saarland, Germany. Via the EOL, medical professionals or patients can now order ColoAlert® directly with Mainz Biomed as a laboratory medical service, meeting a crucial requirement to invoice private health insurance companies. This advancement makes it more convenient for approximately 8.7 million individuals, or 10.5% of Germany’s population are covered by private health insurance (PHI) as estimated by the Association of Substitute Health Insurance Funds in 2022. Darin Leigh, Chief Commercial Officer of Mainz Biomed, commented: “This expansion marks a significant milestone in our mission to make early CRC detection more accessible for patients in Germany. The ability to invoice ColoAlert as a laboratory medical service opens a new revenue growth opportunity in addition to our established commercial sales channels. Given that March is Colorectal Cancer Awareness Month, we are very excited about this new opportunity to create visibility around the importance of earlier CRC detection. In addition to this new offering, Mainz Biomed has a unique business model of partnering with third-party laboratories and experienced distribution partners as opposed to the traditional methodology of operating a single facility for test processing. Additionally, the Company sells the CRC screening solution via its own online shop and provides CRC screening services to corporations with established corporate health programs (“betriebliches Gesundheitsmanagement”). ColoAlert® offers a non-invasive, highly sensitive, and specific screening for colorectal cancer, utilizing advanced PCR technology to detect molecular-genetic biomarkers (DNA) in stool samples. This innovative approach provides a significant advantage over traditional fecal occult blood tests (FIT), enabling ear...