Mainz Biomed

Mainz Biomed is a molecular genetics diagnostic company specializing in detecting cancer at its early stages. The company has a strong focus on colorectal cancer (CRC), and, as of August 2023, was actively exploring ways to expand its efforts to include pancreatic and other gastrointestinal (GI) cancers.

Its flagship product, ColoAlert, is an at-home stool-based screening kit for colorectal cancer (CRC) that is processed by third-party laboratories. Thus, compared to its competitors, Exact Sciences’ Cologuard, the test does not require a centralized in-house lab for which the company claims a 98% patient satisfaction based on an internal survey. Furthermore, as of August 2023, Mainz Biomed was actively conducting clinical studies for a next-gen CRC screening test and had an early-stage product pipeline that included a screening test specifically designed for pancreatic cancer.

Key customers and partnerships

The company has established several partnerships to make its product available in Germany. These partners include Biovi's Diagnostics, Labor Staber, Eurofins, and Dante labs. Additionally, the company has formed global partnerships to broaden its reach. For instance, it joined forces with Bioclinica in June 2023 to expand into Romania. In July 2023, Mainz partnered with Fugene Genetics to extend its presence into Israel. Furthermore, a partnership with Microba Life Sciences, initiated in May 2023, aimed to develop metagenomic sequencing technology and bioinformatic tools for detecting pancreatic cancer.

Funding and financials

The company began trading on the Nasdaq in November 2021 under the ticker symbol “MYNZ,” by raising USD 10 million at its IPO. In June 2023, the company raised USD 50 million through a Pre-Paid Advance Agreement with Yorkville Advisors Global . Additionally, it has entered a USD 5.5 million Promissory Note, with USD 5.0 million already funded at the time of closing. The recently acquired funds were directed toward bolstering commercial and product development initiatives.

For the full year ended December 2022, the company achieved a revenue of USD 0.5 million (up by 2x YoY). However, it reported a significant 122% YoY increase in net loss to USD 26.3 million. Its cash and cash equivalent as of December 2022 was at USD 17.1 million compared with USD 8.7 million in December 2021.

In November 2023 Mainz Biomed entered into a securities purchase agreement with several institutional investors to purchase USD 5 million of its ordinary shares (or pre-funded warrants) and warrants to purchase ordinary shares in a registered direct offering. The effective purchase price for each ordinary share (or pre-funded warrant) and associated warrant to purchase one ordinary share was USD 1.20.