Mainz Biomed Successfully Completes Conformity Assessment to IVDR Achieving New Level of EU Regulatory Compliance

Rhea-AI Summary

Mainz Biomed N.V. (NASDAQ:MYNZ) announced its compliance with the new EU In Vitro Diagnostic Devices Regulation (IVDR), a key milestone for the company. The ColoAlert patient kit is now CE marked following this stringent regulatory framework that mandates higher quality and safety standards for in vitro diagnostic products. CEO Guido Baechler emphasized the importance of compliance for market expansion. The company aims for the ColoAlert test to enhance early colorectal cancer detection, leveraging a significant market opportunity of approximately $3.7 billion in the US alone.

Positive

• Mainz Biomed successfully achieved IVDR compliance for the ColoAlert test.
• ColoAlert is now CE marked, enhancing marketability in Europe.
• The company is poised to unlock new global markets, enhancing growth potential.
• The US market opportunity for colorectal cancer testing is significant, estimated at $3.7 billion.

Negative

• Increased regulatory burden due to the new IVDR framework may strain resources and operations.

New and stringent EU regulation on in vitro diagnostic medical devices sets a higher standard of quality and safety for in vitro diagnostic (IVD) products and manufacturer process

BERKELEY, Calif. and MAINZ, Germany, June 01, 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 that it has successfully completed the conformity assessment of its internal processes to In Vitro Diagnostic Devices Regulation (IVDR) compliance which becomes mandatory from May 26, 2022. Additionally, the ColoAlert patient kit is now CE marked to the IVDR requirements, a significant milestone and achievement for the company. The new, harmonized IVDR regulatory framework has been established to ensure the safety and performance of in-vitro diagnostic medical devices in the European market. Meeting conformity assessment requirements to IVDR compliance for ColoAlert, Mainz Biomed’s highly efficacious, and easy-to-use detection test for colorectal cancer (CRC), involves meeting new standards for the CE mark of its stool collection tool.

“As a fast-growing organization and one looking to steadily unlock new global markets, it’s essential that we have watertight compliance across EU and other key jurisdictions,” commented Guido Baechler, Chief Executive Officer of Mainz Biomed. “The new IVDR framework is a major revision, focusing on patient safety and increasing the emphasis on the life-cycle management and continuous evaluation of products in the European market. While it significantly increases the regulatory burden for IVD manufacturers like ourselves, with the deep expertise of our team and existing sophistication of our internal processes and ColoAlert product, we’ve been able to successfully meet all the required criteria for compliance effectively and efficiently and in good time to meet the May 26th, 2022 deadline.”

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 90%. Annual testing costs per patient are minimal, especially when compared to late-stage treatments of CRC which cost patients an average of $38,469 per year. The American Cancer Society estimated that in 2021 there were approximately 149,500 new cases of colon and rectal cancer in the U.S. with 52,980 resulting in death. Recent FDA decisions suggest that screening with stool DNA tests such as ColoAlert in the US should be conducted once every three years starting at age 45. Currently there are 112 million Americans aged 50+, a total that is expected to increase to 157 million within 10 years. Appropriately testing these US-based 50+ populations every three years as prescribed equates to a US market opportunity of approximately $3.7 Billion per year.

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

What is Mainz Biomed's recent achievement regarding IVDR compliance?

Mainz Biomed has successfully completed its conformity assessment for compliance with the EU's IVDR, marking a significant milestone for the company.

How does the new IVDR regulation affect Mainz Biomed's operations?

The new IVDR regulation increases the regulatory burden on Mainz Biomed, requiring heightened quality and safety standards for its products.

What is the market opportunity for ColoAlert in the US?

The US market opportunity for colorectal cancer testing, specifically with ColoAlert, is approximately $3.7 billion.

When did Mainz Biomed achieve IVDR compliance for ColoAlert?

Mainz Biomed announced its IVDR compliance achievement on June 1, 2022.

What cancer does the ColoAlert test detect?

The ColoAlert test is designed to detect colorectal cancer.