Business
Mainz Biomed Provides Full Year 2022 Financial Results
ColoAlert Revenue Increases 130% Year over Year Year End Cash Balance of $17.1 Million BERKELEY, Calif. and MAINZ, Germany, April 10, 2023 (GLOBE NEWSWIRE) --
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[{"type":"text","content":"ColoAlert Revenue Increases 130% Year over Year Year End Cash Balance of $17.1 Million BERKELEY, Calif. and MAINZ, Germany, April 10, 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 financial results for the fiscal year ended December 31, 2022. “Throughout the year we operated in a position of financial strength enabling us to achieve meaningful growth across commercial, operational and product development fronts,” commented Guido Baechler, Chief Executive Officer of Mainz Biomed. “Heading into fiscal 2023, we have a defined set of priorities intended to facilitate our goal of becoming the leading developer of premier cancer-focused early detection and disease prevention molecular diagnostics.” Key Highlights and 2022 Accomplishments Expanded international commercial activities for ColoAlert, the Company’s highly efficacious and easy-to-use detection test for colorectal cancer (CRC), including five new lab partners in Germany and ItalyAcquired exclusive rights to five novel mRNA biomarkers which have demonstrated unique ability to identify advanced adenomas (curable precancerous polyps)Executed a USD 25.8 million (gross) follow-on offering of ordinary sharesInitiated and commenced patient enrollment in European and U.S. studies (ColoFuture/eAArly DETECT) evaluating the integration of Mainz’s portfolio of proprietary and novel gene expression (mRNA) biomarkers into ColoAlert; potential to identify advanced adenomas, a type of pre-cancerous polyp often attributed to CRC; Results from both studies expected in 2023Initiated ReconAAsense, U.S. Pivotal Clinical Study with Company’s CRC screening test; anticipate commencing patient enrollment in the second half of 2023Enhanced leadership team with appointments to Board of Directors and Company executives to lead commercial and product development groups, with former executives and senior management from Roche, Abbott, Luminex, and Qiagen; expanded Medical Advisory Board of global leaders in molecular diagnostic developmentAchieved multiple preclinical milestones supporting the continued development of PancAlert, a potential first-in-class screening test for pancreatic cancer Consolidated Statements of Financial Position December 31, December...