Business
Mainz Biomed Reports First Half 2022 Financial Results
127% year-over-year increase in ColoAlert revenueMid-year cash balance of $26 Million BERKELEY, Calif. and MAINZ, Germany, Sept. 07, 2022 (GLOBE NEWSWIRE) --
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[{"type":"text","content":"127% year-over-year increase in ColoAlert revenueMid-year cash balance of $26 Million BERKELEY, Calif. and MAINZ, Germany, Sept. 07, 2022 (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 first half of the fiscal year ended June 30, 2022. Key Corporate & Product Development Highlights Accelerated international commercial activities for ColoAlert, the Company’s highly efficacious and easy-to-use detection test for colorectal cancer (CRC)Appointed Darin Leigh, former Abbott and Luminex executive, as Chief Commercial OfficerEstablished partnership with Dante Labs to market ColoAlert in Italy and the United Arab EmiratesInitiated and enrolled the first patient in an international clinical study (ColoFuture) evaluating the integration of novel mRNA biomarkers into ColoAlert – potentially upgrading its technical profile to achieve “gold standard” status for CRC at-home testingReceived supportive feedback from the U.S. Food and Drug Administration (FDA) on ColoAlert’s pre-submission package for its U.S. pivotal clinical trial set to commence in Q4 2022Achieved multiple preclinical milestones supporting the continued development of PancAlert, a potential first-in-class screening test for pancreatic cancerExecuted a $25.8 million (gross) public follow-on offeringExpanded Strategic Advisory Board of global leaders in molecular diagnostic development and commercialization “At the outset of 2022, we established ambitious commercial and product development objectives for the year, mostly around our flagship product ColoAlert. I’m pleased to report that we achieved all of our corporate growth goals for the first half period,” commented Guido Baechler, Chief Executive Officer of Mainz Biomed. “The Company is financially well positioned to maintain momentum as ColoAlert continues to gain impressive commercial traction across Europe and select international territories, and as we ramp up to launch its U.S. pivotal clinical trial by the end of the year.” Commercial Update: ColoAlert continues to grow market presence via a unique business model Throughout the first half of 2022, Mainz executed its differentiated commercial plan of partnering with third-party laboratories for test kit ...