NEW YORK – Mainz Biomed said Thursday that it has entered into a $50 million prepaid advance agreement with investment management firm Yorkville Advisors Global. The two companies have also inked a $5.5 million promissory note with approximately $5 million funded at closing.
Mainz CEO Guido Baechler said in a statement that the flexibility of this funding will allow the company to continue operating in a "strategic and opportunistic fashion," as it pursues an "ambitious commercial and product development plan."
The company is currently commercializing its flagship product ColoAlert, a colorectal cancer detection assay combining DNA and RNA analysis with fecal immunohistochemistry, in Europe and the United Arab Emirates.
In December last year, Mainz began a US clinical trial called ReconAAsense, which is in the process of recruiting a planned 15,000-person cohort to evaluate the clinical performance of ColoAlert to support a submission for review by the US Food and Drug Administration. It also has studies ongoing exploring the addition of new biomarkers to the test to boost performance.
The firm's longer-term pipeline includes a similar test for pancreatic cancer dubbed PancAlert.