Mainz Biomed Expands Corporate Health Program for ColoAlert with the Addition of Three New Companies in Germany

Rhea-AI Summary

Mainz Biomed NV (NASDAQ:MYNZ) announced that three German companies have adopted its ColoAlert^® colorectal cancer screening test in their health programs. This initiative aims to increase accessibility to screening, given that Germany sees nearly 73,000 new CRC cases each year. CEO Guido Baechler emphasized the importance of early detection for better treatment options and outcomes. The ColoAlert^® test promises high sensitivity and specificity, making it a superior option compared to traditional tests. The company is also pursuing FDA approval for the test, while tackling a significant market opportunity in the U.S., estimated over $4 billion.

Positive

• Inclusion of ColoAlert^® in health programs increases access to early CRC screening.
• ColoAlert^® demonstrates high sensitivity and specificity for colorectal cancer detection.
• Potential market opportunity in the U.S. exceeds $4 billion due to low screening rates.

Negative

• None.

BERKELEY, Calif. and MAINZ, Germany, April 04, 2023 (GLOBE NEWSWIRE) -- Mainz Biomed NV (NASDAQ:MYNZ) (“Mainz Biomed” or the “Company”), a molecular genetics diagnostic company specializing in the early detection of cancer, announced today that three German-based companies have selected ColoAlert^®, the Company’s highly efficacious and easy-to-use screening test for colorectal cancer (CRC) into their respective corporate health programs.

“At Mainz Biomed, we believe that everyone should have access to colorectal cancer screening, since almost 73,000 cases of colorectal cancer are diagnosed annually in Germany,” said Guido Baechler, Chief Executive Officer of Mainz Biomed. “Including ColoAlert in corporate health programs provides an easy way for employees to get the testing they need. Early CRC detection and diagnosis enables employees to receive better treatment options that may lead to improved outcomes. We look forward to working with these three new companies and applaud their commitment to making employee health an integral part of their culture.”

Mainz Biomed offers an online portal through which employees can register to be sent the ColoAlert^® test. Once the sample is received and processed, confidential test results are sent back to the employee through the portal, along with an explanation of the results. If an employee has approved for their physician to be notified of test results, then the doctor may directly follow-up with the patient. As part of its commitment to the BGM program, Mainz Biomed provides education to employees and physicians on CRC and recommendations for next steps.

About ColoAlert^®
ColoAlert^®, Mainz Biomed’s flagship product, delivers high sensitivity and specificity in a user-friendly, at-home colorectal cancer (CRC) screening kit. This non-invasive test can be indicative of tumors as determined by analyzing tumor DNA, offering better early detection than fecal occult blood tests (FOBT). Based on PCR-technology, ColoAlert^® detects more cases of colorectal cancer than other stool tests and allows for an earlier diagnosis (Gies et al., 2018). The product is commercially available in select EU countries through a network of leading independent laboratories, corporate health programs and via direct sales. To receive marketing approval in the US, ColoAlert^® will be evaluated in the FDA-registration trial ‘ReconAAsense’. Once approved in the US, 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.

About Colorectal Cancer
Colorectal cancer (CRC) is the third most common cancer globally, with more than 1.9 million new cases reported in 2020, according to World Cancer Research Fund International. The US Preventive Services Task Force recommends that screening with stool DNA tests such as ColoAlert^® should be conducted once every three years starting at age 45. Each year in the US, 16.6 million colonoscopies are performed. However, roughly one-third of US residents aged 50-75 have never been screened for colon cancer. This gap in screening represents a $4.0B+ total market opportunity in the US.

About Mainz Biomed NV
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 based on real-time Polymerase Chain Reaction-based (PCR) multiplex detection of molecular-genetic biomarkers in stool samples. ColoAlert^® is currently marketed across Europe. The Company is running a pivotal FDA clinical study for US regulatory approval. Mainz Biomed’s product candidate portfolio also includes PancAlert, an early-stage pancreatic cancer screening test. To learn more, visit mainzbiomed.com or follow us on LinkedIn, Twitter and Facebook.

For media inquiries, please contact press@mainzbiomed.com

In Europe:
MC Services AG
Anne Hennecke/Caroline Bergmann
+49 211 529252 20
mainzbiomed@mc-services.eu

In the US:
Spectrum Science
Melissa Laverty/Valerie Enes
+1 540 272 6465
mainz@spectrumscience.com

For investor inquiries, please contact info@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 annual report on Form 20-F filed on May 5, 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

What recent announcement did Mainz Biomed (MYNZ) make regarding ColoAlert?

Mainz Biomed announced that three German companies have adopted the ColoAlert^® colorectal cancer screening test for their employee health programs.

How does ColoAlert improve colorectal cancer screening?

ColoAlert^® is a non-invasive test that offers higher sensitivity and specificity compared to traditional screening methods, allowing for better early detection of colorectal cancer.

What is the market potential for colorectal cancer screening in the U.S.?

The market opportunity for colorectal cancer screening in the U.S. is estimated to exceed $4 billion due to a significant gap in screening rates among eligible populations.

What is the significance of including ColoAlert in corporate health programs?

Including ColoAlert^® in corporate health programs facilitates easier access to colorectal cancer screening for employees, promoting early detection and better health outcomes.