BERKELEY, Calif. and MAINZ, Germany - Mainz Biomed N.V. (NASDAQ:MYNZ), a company specializing in early cancer detection diagnostics, announced today the opening of its new European Oncology Lab (EOL) in Saarland, Germany. The facility expands the collaboration with Laboratory Dr. Buhlmann and enables the direct ordering of ColoAlert®, Mainz Biomed's colorectal cancer (CRC) screening test, as a laboratory medical service.
The EOL initiative allows for invoicing to private health insurance companies, a significant development for the estimated 8.7 million individuals with private health insurance in Germany. This change is expected to enhance accessibility to early CRC detection and open new revenue streams for Mainz Biomed.
ColoAlert® utilizes advanced PCR technology to detect molecular-genetic biomarkers in stool samples, offering a non-invasive, sensitive, and specific alternative to traditional fecal occult blood tests. With March being Colorectal Cancer Awareness Month, Mainz Biomed sees this as an opportunity to raise awareness about the importance of early detection.
Mainz Biomed's business model includes partnerships with third-party labs and distribution partners, sales through an online shop, and services to corporate health programs. The company aims to provide scalable distribution in the U.S. following FDA approval, which is contingent on the ReconAAsense trial's outcome.
Colorectal cancer is the third most common cancer worldwide, with screening recommendations starting at age 45. Mainz Biomed's ColoAlert® is positioned to meet a significant market need, given that a substantial portion of the U.S. population remains unscreened.
This news is based on a press release statement from Mainz Biomed N.V.
InvestingPro Insights
As Mainz Biomed N.V. (NASDAQ:MYNZ) focuses on expanding its CRC screening services, the financial health and market sentiment surrounding the company are pivotal to its growth trajectory. According to InvestingPro data, Mainz Biomed currently has a market capitalization of $17.96 million, reflecting the size of the company in the competitive biotech landscape. Despite a significant revenue growth of 109.79% over the last twelve months as of Q3 2023, the company's operating income margin stands at a negative 3261.86%, indicating substantial expenses relative to its revenue.
InvestingPro Tips suggest that analysts have recently revised their earnings upwards for the upcoming period, hinting at potential optimism in the company's financial prospects. However, the stock has been under considerable pressure, trading near its 52-week low and showing a price total return of -86.83% over the last year. The RSI indicates that the stock is in oversold territory, which may interest value-seeking investors.
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