Mainz Biomed Reports Mid-Year 2024 Financial Results and Corporate Update
Staff Writer • 2024-10-22
Revenue Increases 4% Year Over Year, Loss from Operations Decreases by 32% Breakthrough Performance in ColoFuture and eAArly DETECT Studies Highlighted at ASCO BERKELEY, US – MAINZ, Germany – – Mainz Biomed N.V. (NASDAQ), a leader in molecular genetics diagnostics specializing in cancer detection, today announced its financial results for the first half of 2024. The company also provided updates on its key milestones and strategic direction heading into 2025. Mainz Biomed's revenue increased by 4% year-over-year, while its loss from operations decreased by 32%. These financial results demonstrate the company’s disciplined cost management efforts and a clear focus on driving operational efficiency. Groundbreaking Study Results: A Major Milestone for Cancer Detection A highlight for the first half of the year was Mainz Biomed's presentation of the pooled results from its ColoFuture and eAArly DETECT studies at the American Society of Clinical Oncology (ASCO) 2024 Annual Meeting. These studies demonstrated a sensitivity rate of 92% for colorectal cancer (CRC) and 82% for advanced adenomas, including a remarkable 96% detection rate for high-grade dysplasia. These results, coupled with earlier findings presented at Digestive Disease Week (DDW) in Washington D.C., where the eAArly DETECT study reported 97% sensitivity for CRC, represent a breakthrough in the early detection of colorectal cancer. The company’s flagship product, ColoAlert®, has undergone significant enhancements aimed at improving customer satisfaction and laboratory operations. A new DNA stabilizing buffer was introduced, allowing for more accurate sample collection and drastically reducing retesting rates. These improvements have positioned ColoAlert® as one of the fastest and most reliable colorectal cancer screening tests on the market, with patients now receiving results within just 2-3 days of sample arrival. Strategic Collaboration and Product Development Beyond colorectal cancer, Mainz Biomed has expanded its collaboration with Liquid Biosciences to advance the development of PancAlert, its next-generation pancreatic cancer detection test. Liquid Biosciences' proprietary AI analysis platform, EMERGE, has been instrumental in optimizing biomarker selection, offering promising feasibility results that could eventually see PancAlert integrated with ColoAlert® for comprehensive cancer screening. Looking Ahead: Key Initiatives for 2025 Mainz Biomed is laser-focused on three primary initiatives heading into the latter part of 2024 and 2025: 1. Expanding its ColoAlert® business in Europe. 2. Developing its next-generation colorectal cancer screening product. 3. Running a 2,000-patient study (eAArly DETECT 2) in the U.S. to meet FDA requirements for breakthrough device designation. The company’s cost reductions, including a strategic restructuring that lowered personnel and external consulting expenses, are designed to streamline operations and support these core initiatives. CEO Perspective: A Narrower Focus for Greater Impact “2024 has been a transitional year for Mainz Biomed. Despite the challenging markets, we are proud of the significant accomplishments achieved,” said Guido Baechler, CEO of Mainz Biomed. “As we move forward, our focus on a few key initiatives gives us the best chance to unlock shareholder value in 2024 and beyond.” For more information on Mainz Biomed’s financial performance and strategic outlook, visit the company's investor page at mainzbiomed.com/investors. About Mainz Biomed NV Mainz Biomed develops molecular genetic diagnostic solutions for early cancer detection. Its flagship product, ColoAlert®, is a non-invasive, easy-to-use test for colorectal cancer detection, already available in Europe and the UAE. The company is preparing for a pivotal FDA clinical study in the U.S. Additionally, Mainz Biomed is working on PancAlert, an early-stage pancreatic cancer screening test. To learn more, visit mainzbiomed.com.
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