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  • Mainz Biomed (MYNZ) Stock Soars In Pre-Hour Session On A New Partnership

    Mainz Biomed (MYNZ) Stock Soars In Pre-Hour Session On A New Partnership

    After the announcement of a high-profile partnership, Mainz Biomed N.V. (NASDAQ: MYNZ) stock saw a sharp increase on Thursday. During the regular trading session, MYNZ shares increased 26.19%, finishing at $4.77. Still in the pre-market session today, the stock is on the rise of 14.05% to $5.44, reflecting investor confidence in the company’s new deal.

    Working together with Quest Diagnostics

    A collaboration between Mainz Biomed and Quest Diagnostics, a pioneer in diagnostic information services, was launched in order to promote the NextGen colorectal cancer screening test’s commercialization. ColoAlert is a stool-based diagnostic test that detects tumor DNA using polymerase chain reaction technology. It looks for colon cancer early on by examining DNA alterations in stool samples, providing a non-invasive substitute for conventional screening techniques.

    Market Potential and Clinical Trials

    Under the agreement, Quest Diagnostics will provide laboratory services for Mainz Biomed’s ReconAAsense study. This prospective clinical trial involves approximately 15,000 participants across 150 U.S. sites and is designed to generate data supporting FDA approval of the NextGen test. The deal also gives Quest Diagnostics the semi-exclusive right to provide ColoAlert kit-based diagnostic services for 18 months after FDA certification.

    According to the World Cancer Research Fund, colorectal cancer (CRC) accounted for about 1.9 million new cases in 2020, making it the third most common disease globally. Although stool DNA-FIT testing should be performed every one to three years beginning at age 45, a sizable section of the eligible population in the United States is still unscreened. This unmet need represents a $4 billion market opportunity for alternative screening solutions like ColoAlert.

    Future Implications

    This partnership positions Mainz Biomed to capitalize on Quest Diagnostics’ expertise in scaling diagnostic innovations and expanding access to life-saving screenings. MYNZ hopes to enhance early detection of colorectal cancer and hasten the commercial implementation of ColoAlert by utilizing Quest’s vast network and technological prowess. This partnership demonstrates a common dedication to improving patient care and filling important gaps in cancer screening.

  • Mainz Biomed B.V. (MYNZ) declined in the current market; here is why?

    Mainz Biomed B.V. (MYNZ) declined in the current market; here is why?

    The stock of Mainz Biomed B.V. (MYNZ) declined in the current market after Mainz announced its underwritten public offering in a press release. MYNZ values at around $15.44, losing more than 23% from the previously closed value. At the end of the last trading session, the stock closed at around $20.25. The stock volume traded in the previous trading session was around 966.23K shares.

    Reason for the stock decline

    Mainz Biomed B.V. (MYNZ) announced a follow-on public offering of 1,500,000 ordinary shares for $15.00 per common stock netting $22,500,000.

    According to a registration declaration on Form F-1 filed with the SEC, the Follow-On Offering is offered. The Follow-On Offering expects to end on January 28, 2022, if all regular closing terms are fulfilled. In connection with the Follow-On Offering, Mainz Biomed has granted an underwriter the option to purchase up to 225,000 extra common stock at the Purchase Price to mitigate any over-allotments. Mainz Biomed is selling all of the shares.

    Boustead Securities, LLC is the only underwriter for the offering. Mainz Biomed hired Ortoli Rosenstadt LLP as its lawyer. Sichenzia, Ross and Ference LLP represented the underwriter.

    The prospectus is the exclusive medium for the offering. Boustead Securities, LLC will make the final prospectus available when it becomes available.

    Effect on the stock

    The news hit the market in Pre-market hours. Pre-market is a bit volatile as most traders prefer to trade in the regular trading session. The regular trading has just begun, and investors can assess actual effect of the offering at the end of the current session. In such cases, the stock price most of the time remains low when the session closes.

    Conclusion

    The company is looking forward to using the money in general administrative expenses and working capital. They might use the money in sales marketing to achieve fiscal 2022.