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Molecular Diagnostics Firm Mainz Biomed Prices $22.5M Follow-on Share Offering

NEW YORK ─ German molecular diagnostics firm Mainz Biomed on Tuesday announced the pricing of a follow-on offering of 1,500,000 ordinary shares at $15 per share for gross proceeds of $22.5 million.

In connection with the follow-on offering, the developer of tests for the early detection of cancer has granted the underwriter the option to purchase up to 225,000 additional ordinary shares at the offering price.

Boustead Securities is the sole underwriter for the offering, which is expected to close on Jan. 28. Ortoli Rosenstadt served as counsel to Mainz Biomed, and Sichenzia, Ross, and Ference served as counsel to the underwriter.

Mainz Biomed went public on the Nasdaq in November, raising $10 million in an initial public offering.

The company's lead product, a CE-marked colorectal cancer diagnostic test called ColoAlert, is being marketed in Europe. Mainz Biomed said that in the first half of this year, it intends to launch a clinical study and begin the submission process to obtain US Food and Drug Administration clearance for the test.

Its product candidate portfolio also includes PancAlert, an early-stage pancreatic cancer screening test that uses real-time PCR multiplex detection of molecular biomarkers in stool samples, and the GenoStick technology platform under development to detect pathogens.