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Mainz Biomed to Sell $5M in Stock, Warrants

NEW YORK — German molecular diagnostics firm Mainz Biomed said on Monday that it has signed an agreement to sell $5.0 million of its stock and warrants to several institutional investors.

Under the terms of the deal, Mainz will sell 4,166,667 ordinary shares and associated warrants to purchase up to an additional 4,166,667 shares to the unnamed investors for $1.20 apiece. The warrants are exercisable immediately until five years after their issuance at $1.20 per share.

Additional terms of the arrangement were not disclosed.

Earlier this year, Mainz struck a $50 million prepaid advance agreement with investment management firm Yorkville Advisors Global, along with a $5.5 million promissory note with approximately $5.0 million funded at closing.

Mainz's flagship product is ColoAlert, a colorectal cancer detection assay combining DNA and RNA analysis with fecal immunohistochemistry, which is currently available in Europe. A pivotal trial in support of US regulatory clearance is underway, according to the company.