Skip to main content
Premium Trial:

Request an Annual Quote

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.

The Scan

Call for a Different Tack

Experts weigh the value of recent experiments testing genetically modified pig kidneys using brain-dead individuals, according to Nature News.

Wastewater Warning

The New York Times reports that wastewater surveillance in some parts of the US point to a possible surge.

Can't Get in the Program

Due to the Northern Ireland protocol dispute, the European Union is preventing UK researchers from joining the Horizon Europe research program, the Times of London reports.

Science Paper on Spatial-Controlled Genome Editing

In Science this week: approach to enable a CRISPR-Cas13a-based system to be used as a cancer therapy.