On June 29th, Mainz Biomed announced that it has secured $55 million in prepayment financing and signed a $5.5 million convertible note agreement. The funding is provided by investment management firm Yorkville Advisors Global.
Established in 2001 and headquartered in New Jersey, USA, Yorkville Advisors Global is an alternative investment manager and provider of specialized financing solutions. They specialize in offering flexible and innovative debt and equity investments and financing for publicly listed companies in various industries, including healthcare, mining, oil and gas, real estate, manufacturing and shipping, and technology.
Mainz Biomed is currently commercializing its flagship product, ColoAlert, in Europe and the United Arab Emirates. The funding is expected to contribute to achieving the company’s goals.
Founded in 2008 and headquartered in Mainz, Germany, Mainz Biomed is a cancer screening company.
Mainz Biomed’s Product ColoAlert is an early-stage colorectal cancer stool test based on PCR (polymerase chain reaction) combined with fecal immunohistochemistry. Compared to fecal immunochemical testing (FIT), ColoAlert reduces missed cases by up to 60% and offers a non-invasive approach with a 98% user satisfaction rate. The product has been automated on Thermo Scientific™ KingFisher™ Apex.
In the future, Mainz Biomed plans to launch a pancreatic cancer test called PancAlert.
ColoAlert has obtained CE-IVD approval and is the first DNA-based colorectal cancer screening test in Europe.
In December of last year, Mainz initiated a U.S. clinical trial called ReconAAsense, which is recruiting a planned cohort of 15,000 individuals to evaluate the clinical performance of ColoAlert to support the submission for FDA review.
