Mainz Biomed (MYNZ) zooms 58% higher after promising deal

Highlights

The company entered into a Technology Rights Agreement with Colombo’s Socpra Sciences Sante Et Humaines S.E.C.

Its revenue was US$0.41 million for the six months ended June 30, 2021.

The stock price surged more than 29% over the last month.

The stocks of Mainz Biomed (MYNZ) zoomed 58% higher on Wednesday after it brokered a deal with a Colombian institute to gain access to novel mRNA biomarkers for potential integration with its highly effective colorectal cancer (CRC) detection test called ColoAlert in the future.

The German-headquartered company said it has entered into a Technology Rights Agreement with Colombia’s Socpra Sciences Santé Et Humaines S.E.C.

The deal would help Mainz gain access to a collection of novel mRNA biomarkers for future integration with its user-friendly colorectal cancer (CRC) detection test ColoAlert.

Mainz is a molecular genetics diagnostic firm that specializes in detecting early-stage cancer.

Its flagship product is ColoAlert, currently marketed in Europe.

A clinical study is also in progress for ColoAlert in the US for FDA approval in 2022.

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In Europe, it markets ColoAlert in partnership with third-party laboratories.

As per the deal, Mainz has the unilateral option to license exclusive global rights to five gene expression biomarkers that demonstrate a higher efficacy for detecting CRC lesions.

Reacting to the deal, Mainz CEO Guido Baechler said it is a great opportunity to upgrade ColoAlert's technical profile, which will make it the most effective at-home testing kit for CRC.

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Stock performance and financial highlights of Mainz Biomed B.V. (NASDAQ: MYNZ):

The MYNZ stocks were priced at U$16.44 at 11:14 am ET on Jan 5, up 58.23% from their previous close. Its market cap is US$181.97 million.

The stock gave a 29.07% return in the last 30 days.

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The stock saw the highest price of US$18.00 and the lowest price of US$7.80 in the last 52 weeks. Its trading volume on Jan 4 was 43,497.

For the six months ended June 30, 2021, it reported a revenue of US$0.41 million compared to US$0.16 million a year ago. Its net loss was US$0.26 million against a loss of US$0.34 million for the six months ended June 30, 2020.

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Bottomline

The stock saw steady gains in recent days. Overall, the healthcare sector has been in the spotlight due to the Covid-19 emergency. Investors, however, should exercise due diligence before investing in the stock market.

Rupam Roy

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Rupam Roy - Analyst
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After completing his graduation in English literature, Rupam briefly worked in content management and digital marketing. At Kalkine, he writes on the US markets. His hobbies include composing songs and music....
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Sanjeeb Baruah - Financial Journalist
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Sanjeeb is a senior journalist who has been in the media for nearly two decades. He wrote on various topics, from politics, international relations, business to wildlife. At Kalkine, he writes on stock markets, companies, equities, and IPOs, etc....
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