Business
Mainz Biomed Reports 2024 Financial Results and Provides Corporate Update
Lab network revenue increased by 33% year over year, reflecting strong demand for ColoAlert® in Europe Operating loss decreased by 30% and net loss by 18%,
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[{"type":"text","content":"Lab network revenue increased by 33% year over year, reflecting strong demand for ColoAlert® in Europe Operating loss decreased by 30% and net loss by 18%, driven by targeted cost reductions and a sharper strategic focus Strategic partnerships with industry leaders mark key progress Company highlights its early accomplishments for 2025 BERKELEY, Calif. and MAINZ, Germany, April 01, 2025 (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 year ended December 31, 2024, a summary on 2024 accomplishments, and an update on corporate developments for early 2025. Key 2024 Accomplishments Mainz Biomed and Thermo Fisher Scientific signed a collaboration agreement for the development of the Company’s next generation colorectal cancer (CRC) screening product for global markets. The agreement will enable Mainz Biomed and Thermo Fisher to jointly develop and potentially commercialize Mainz Biomed’s next generation colorectal cancer screening product. The collaboration will harness Thermo Fisher’s powerful technologies, instrumentation and information translation systems to allow Mainz Biomed to develop the proprietary assays for its mRNA-based next-generation CRC screening tests which are redefining standards in early cancer detection.Mainz Biomed entered into an agreement with Quest Diagnostics to provide clinical trial laboratory services for Mainz Biomeds’s ReconAAsense study, a prospective clinical study that will include approximately 15,000 subjects from 150 sites across the United States to develop data supporting FDA validation of the next generation test. In addition, Mainz Biomed will provide Quest with the option to exercise semi-exclusive rights to provide testing services based on the test kit for an eighteen-month period, assuming its approval by the FDA.Mainz Biomed executed an $8.0 Million follow-on offering for 1,367,521 units sold at an offering price of $5.85 per unit, priced at-the-market under Nasdaq rules. Each unit included an ordinary share, a Series A warrant and a Series B warrant. Each Series A warrant is immediately exercisable at an exercise price of $5.85 per share and will expire five years from the date of issuance. Each Series B warrant is immediat...