Mainz Biomed Provides Full Year 2022 Financial Results

Issuer: Mainz BioMed N.V.

/ Key word(s): Annual Results

10.04.2023 / 09:01 CET/CEST

The issuer is solely responsible for the content of this announcement.

 Mainz Biomed Provides Full Year 2022 Financial Results

ColoAlert Revenue Increases 130% Year over Year
Year End Cash Balance of $17.1 Million

BERKELEY, US – MAINZ, Germany – April 10, 2023 — 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 financial results for the fiscal year ended December 31, 2022.

“Throughout the year we operated in a position of financial strength enabling us to achieve meaningful growth across commercial, operational and product development fronts,” commented Guido Baechler, Chief Executive Officer of Mainz Biomed. “Heading into fiscal 2023, we have a defined set of priorities intended to facilitate our goal of becoming the leading developer of premier cancer-focused early detection and disease prevention molecular diagnostics.”

Key Highlights and 2022 Accomplishments

  • Expanded international commercial activities for ColoAlert, the Company’s highly efficacious and easy-to-use detection test for colorectal cancer (CRC), including five new lab partners in Germany and Italy
  • Acquired exclusive rights to five novel mRNA biomarkers which have demonstrated unique ability to identify advanced adenomas (curable precancerous polyps)
  • Executed a USD 25.8 million (gross) follow-on offering of ordinary shares
  • Initiated and commenced patient enrollment in European and U.S. studies (ColoFuture/eAArly DETECT) evaluating the integration of Mainz’s portfolio of proprietary and novel gene expression (mRNA) biomarkers into ColoAlert; potential to identify advanced adenomas, a type of pre-cancerous polyp often attributed to CRC; Results from both studies expected in 2023
  • Initiated ReconAAsense, U.S. Pivotal Clinical Study with Company’s CRC screening test; anticipate commencing patient enrollment in the second half of 2023
  • Enhanced leadership team with appointments to Board of Directors and Company executives to lead commercial and product development groups, with former executives and senior management from Roche, Abbott, Luminex, and Qiagen; expanded Medical Advisory Board of global leaders in molecular diagnostic development
  • Achieved multiple preclinical milestones supporting the continued development of PancAlert, a potential first-in-class screening test for pancreatic cancer

Consolidated Statements of Financial Position

        December 31,     December 31,  
        2022     2021  
Current Assets                    
Cash       $ 17,141,775     $ 8,727,542  
Trade and other receivables, net         259,138       111,842  
Inventories         175,469        
Prepaid expenses         801,959       769,825  
Total Current Assets         18,378,341       9,609,209  
Property and equipment, net         661,692       37,884  
Intangible asset                
Right-of-use asset         1,177,695       393,702  
Other asset         23,275        
Total assets       $ 20,241,003     $ 10,040,795  
Current Liabilities                    
Accounts payable and accrued liabilities       $ 2,656,679     $ 784,786  
Accrued payroll         260,000       233,710  
Accounts payable – related party               84,750  
Convertible debt         43,057       45,666  
Convertible debt – related party         32,181       32,221  
Loans payable               22,754  
Loans payable – related party               92,792  
Silent partnership         759,168        
Silent partnership – related party         206,167        
Lease liabilities         285,354       55,076  
Total current liabilities         4,242,606       1,351,755  
Silent partnerships         687,128       1,463,981  
Silent partnerships – related party         256,086       476,138  
Lease liabilities         959,116       387,766  
Total Liabilities         6,144,936       3,679,640  
Shareholders’ equity                    
Share capital         164,896       141,075  
Share premium         38,831,542       13,126,493  
Reserve         18,079,741       9,736,066  
Accumulated deficit         (43,032,294 )     (16,644,958 )
Accumulated other comprehensive income         52,182       2,479  
Total shareholders’ equity         14,096,067       6,361,155  
Total liabilities and shareholders’ equity       $ 20,241,003     $ 10,040,795  


Consolidated Statements of Comprehensive Loss

        Years Ended
December 31,
        2022     2021    
  ColoAlert revenue       $ 519,728     $ 226,438    
  Covid-19 and other revenue         10,149       350,910    
Total revenue         529,877       577,348    
Cost of revenue         347,726       399,726    
Gross profit         182,151       177,622    
Operating expenses:                      
General and administrative         17,328,942    (a)   8,478,017  (a)  
Sales and marketing         5,702,143       957,522    
Research and development         3,660,495       466,689    
Total operating expenses         26,691,580       9,902,228    
Loss from operations         (26,509,429 )     (9,724,606 )  
Other income (expense)         122,093        (1,965,492 )  
Income (loss) before income tax         (26,387,336 )     (11,690,098 )  
Income taxes provision                  
Net loss       $ (26,387,336 )   $ (11,690,098 )  
Foreign currency translation gain (loss)         49,703       204,969    
Comprehensive loss       $ (26,337,633 )   $ (11,485,129 )  
Basic and dilutive loss per ordinary share       $ (1.86 )   $ (1.62 )  
Weighted average number of ordinary shares outstanding         14,157,492       7,210,889    
  1. General and administrative expenses included $9.9 million and $6.6 million of non-cash stock-based compensation, depreciation and amortization in the twelve months ended December 31, 2022 and 2021, respectively.


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 or follow us on LinkedInTwitter and Facebook.


For media inquiries, please contact
In Europe:

MC Services AG
Anne Hennecke/Caroline Bergmann
+49 211 529252 20

In the US:

Spectrum Science
Melissa Laverty/Valerie Enes
+1 540 272 6465

For investor inquiries, please contact

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 20-F filed on May 5, 2022. The Company’s SEC filings are available publicly on the SEC’s website at 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.


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