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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Why did Mainz Biomed (MYNZ) stock soar on Wednesday?

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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.

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