Mainz Biomed Appoints Former QIAGEN Executive Dr. Frank Krieg-Schneider as Vice President of Development
Mainz Biomed has appointed Dr. Frank Krieg-Schneider as Vice President of Development to enhance its cancer detection portfolio, including the flagship product ColoAlert. Dr. Krieg-Schneider brings over 25 years of experience in diagnostics, having previously held executive roles at QIAGEN and GNA Biosolutions. His role will focus on advancing ColoAlert through the integration of novel mRNA biomarkers and ensuring compliance with US regulatory standards to support FDA submission. The company aims to significantly expand its market presence, particularly in the US, addressing a potential $3.7 billion opportunity.
- Appointment of Dr. Frank Krieg-Schneider expected to strengthen leadership in product development.
- Dr. Krieg-Schneider's extensive experience in diagnostics may enhance innovation and execution.
- Focus on advancing ColoAlert could lead to increased market competitiveness and compliance with US regulations.
- Potential challenges in meeting stringent US regulatory standards could delay FDA submission.
- Dependence on partnerships for distribution may introduce risks regarding execution and market penetration.
Dr. Frank Krieg-Schneider to lead development across Mainz Biomed’s portfolio of advanced cancer detection products including its flagship product ColoAlert and future diagnostic tests
BERKELEY, Calif. and MAINZ, Germany, Aug. 03, 2022 (GLOBE NEWSWIRE) -- Mainz Biomed N.V. (NASDAQ:MYNZ) (“Mainz Biomed” or the “Company”), a molecular genetics diagnostic company specializing in the early detection of cancer, announced today the appointment of Dr. Frank Krieg-Schneider as Vice President of Development.
“Within the field of advanced diagnostics, it’s essential to have a strong and experienced team able to both innovate and to execute,” said Guido Baechler, Chief Executive Officer of Mainz Biomed. “We’re very excited to welcome Frank to our team who has honed his skills developing complex diagnostics tests for some of the largest and most successful organizations in the diagnostics industry. He will undoubtedly be a huge asset as we assess the potential to advance our ColoAlert product through the integration of our licensed portfolio of novel gene expression (mRNA) biomarkers and ensure compliance with stringent US regulatory standards to support our FDA submission.”
Frank has over 25 years experience in the diagnostics and life science industry. He spent two decades in senior management and executive roles with global diagnostics leader, QIAGEN before being appointed to the role of CEO at molecular diagnostics firm GNA Biosolutions. He most recently led the clinical diagnostics division at one of Germany’s leading biotechnology companies, r-biopharm.
In his tenure as a member of the QIAGEN Leadership Team, Frank led various divisions within the corporation’s diagnostic and life science practice, heading up R&D for Diagnostic Sample Preparation and later taking the role of Head of Global Strategic Alliances where grew OEM revenues from zero to high double-digit million USD, managing a global team of 50+ employees across multiple sites.
As VP of Development at Mainz, Frank will lead development for the Company’s flagship product ColoAlert, its highly efficacious, and easy-to-use detection test for colorectal cancer (CRC). Mainz is currently marketing ColoAlert as a top-tier discretionary diagnostic option in Europe through its unique business model of partnering with third-party laboratories for test kit processing versus the traditional methodology of operating a single facility.
“I share Guido’s vision for Mainz Biomed and am passionate about improving outcomes for patients all over the world at every step of their difficult journey,” said Dr. Krieg-Schneider. “I am incredibly excited to join a company that has such an excellent and clinically impactful test in the market and Mainz’s ability to bring this test to patients through a distributed laboratory model creates a very compelling global opportunity.”
About ColoAlert
ColoAlert detects colorectal cancer (CRC) via a simple-to-administer test with a sensitivity and specificity nearly as high as the invasive colonoscopy*. The test utilizes proprietary methods to analyze cell DNA for specific tumor markers combined with the fecal immunochemical test (FIT) and is designed to detect tumor DNA and CRC cases in their earliest stages. The product is CE-IVD marked (complying with EU safety, health and environmental requirements) and is transitioning to compliance with IVDR. The product is commercially available in a selection of countries in the European Union. Mainz Biomed currently distributes ColoAlert through a number of clinical affiliates. Once approved in the U.S., the Company’s commercial strategy is to establish scalable distribution through a collaborative partner program with regional and national laboratory service providers across the country.
*Dollinger MM et al. (2018)
About the ColoFuture Study
The ColoFuture study is an international clinical trial evaluating over 600 patients (women or men) in the age range of 40-85 at two participating centers in Norway and two in Germany. Subjects are invited to potentially participate in the trial when referred for a colonoscopy (pre-inclusion) to screen for CRC or an overall diagnostic analysis. Those who agree to provide a stool sample in advance of the procedure will be eligible for participation. Inclusion criteria are based on one of the following diagnostic outcomes: CRC, advanced precancerous lesions in colon, or normal colon. Then, each patient outcome will compare the observations recorded from the colonoscopy to the results from the ColoAlert test that incorporates the novel biomarkers. The primary endpoints of the study are to determine sensitivity and specificity rates for CRC with ColoAlert plus the new mRNA biomarkers. There are multiple secondary endpoints for evaluating the modified ColoAlert test, including, determining sensitivity for AA lesions in colon, specificity for advanced precancerous lesions in colon and, specificity for no colorectal finding (normal colon). The Company is expecting to complete enrollment during the second half of 2022 and is targeting reporting study results in early 2023.
About Colorectal Cancer
Colorectal cancer (CRC) is the second most lethal cancer in the U.S. and Europe, but also the most preventable with early detection providing survival rates above
About Mainz Biomed N.V.
Mainz Biomed develops market-ready molecular genetic diagnostic solutions for life-threatening conditions. The Company’s flagship product is ColoAlert, an accurate, non-invasive, and easy-to-use early detection diagnostic test for colorectal cancer. ColoAlert is currently marketed across Europe with FDA clinical study and submission process intended to be launched in the first half of 2022 for U.S. regulatory approval. Mainz Biomed’s product candidate portfolio includes PancAlert, an early-stage pancreatic cancer screening test based on Real-Time Polymerase Chain Reaction-based (PCR) multiplex detection of molecular-genetic biomarkers in stool samples, and the GenoStick technology, a platform being developed to detect pathogens on a molecular genetic basis.
For more information, please visit www.mainzbiomed.com
For media enquiries, please contact press@mainzbiomed.com
For investor enquiries, please contact ir@mainzbiomed.com
Forward-Looking Statements
Certain statements made in this press release are “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “anticipate”, “believe”, “expect”, “estimate”, “plan”, “outlook”, and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements reflect the current analysis of existing information and are subject to various risks and uncertainties. As a result, caution must be exercised in relying on forward-looking statements. Due to known and unknown risks, actual results may differ materially from the Company’s expectations or projections. The following factors, among others, could cause actual results to differ materially from those described in these forward-looking statements: (i) the failure to meet projected development and related targets; (ii) changes in applicable laws or regulations; (iii) the effect of the COVID-19 pandemic on the Company and its current or intended markets; and (iv) other risks and uncertainties described herein, as well as those risks and uncertainties discussed from time to time in other reports and other public filings with the Securities and Exchange Commission (the “SEC”) by the Company. Additional information concerning these and other factors that may impact the Company’s expectations and projections can be found in its initial filings with the SEC, including its registration statement on Form F-1 filed on January 21, 2022. The Company’s SEC filings are available publicly on the SEC’s website at www.sec.gov. Any forward-looking statement made by us in this press release is based only on information currently available to Mainz Biomed and speaks only as of the date on which it is made. Mainz Biomed undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise, except as required by law.
FAQ
Who is Dr. Frank Krieg-Schneider?
What is the significance of Dr. Krieg-Schneider's appointment for Mainz Biomed?
What is ColoAlert and its market potential?
What are the anticipated impacts of the ColoFuture study?
