Business
Mainz Biomed Secures up to $50M in New Funding
Provides option to access capital to support commercial and clinical programs BERKELEY, Calif. and MAINZ, Germany, June 29, 2023 (GLOBE NEWSWIRE) -- Mainz
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[{"type":"text","content":"Provides option to access capital to support commercial and clinical programs\nBERKELEY, Calif. and MAINZ, Germany, June 29, 2023 (GLOBE NEWSWIRE) -- Mainz Biomed NV (NASDAQ:MYNZ) (“Mainz Biomed” or the “Company”), a molecular genetics diagnostic company specializing in the early detection of cancer, announced today that it has entered into a $50 million Pre-Paid Advance Agreement (PPA) with Yorkville Advisors Global, LP (Yorkville), a global investment management firm. Simultaneously, the Company and Yorkville also entered into a $5.5 million Promissory Note (Note) with approximately $5.0 million funded at closing. “We are executing an ambitious commercial and product development plan, and the flexibility of this funding vehicle enables us to continue operating in this strategic and opportunistic fashion,” commented Guido Baechler, Chief Executive Officer of Mainz Biomed. Mainz is currently commercializing its flagship product ColoAlert, a highly efficacious and easy-to-use detection test for colorectal cancer (CRC), across Europe and in select international territories via a differentiated business model of partnering with third-party laboratories for test kit processing versus the traditional methodology of operating a single facility. In December of 2022, the Company initiated a U.S. Pivotal Clinical Study (ReconAAsense) for a CRC screening test that may integrate the Company’s portfolio of novel gene expression (mRNA) biomarkers, providing the opportunity to achieve gold standard status in the at-home CRC diagnostic tool market. These biomarkers have demonstrated the potential to identify advanced adenomas, a type of curable pre-cancerous polyp often attributed to CRC, which is being evaluated in European and U.S. studies (ColoFuture/eAArly DETECT). Results from both studies are expected in 2023, and Mainz anticipates enrollment in ReconAAsense to commence in the second half of 2023. The Company’s early-stage product development pipeline is highlighted by PancAlert, a potential first-in-class screening test for pancreatic cancer. For further details on the transaction, please see the Company’s Form 6-K that has been filed with the Securities and Exchange Commission by visiting www.SEC.gov. About ColoAlert®ColoAlert®, Mainz Biomed’s flagship product, delivers high sensitivity and specificity in a user-friendly, at-home color...