Mainz Biomed N.V. (NASDAQ:MYNZ) announced a 1-for-40 reverse stock split, effective Dec. 3. The company specializes in the early detection of cancer.
Last month, Mainz Biomed reported a collaborative agreement with Thermo Fisher Scientific Inc. (NYSE:TMO) through its subsidiary Life Technologies Corporation.
The collaboration agreement will enable Mainz Biomed and Thermo Fisher to jointly develop and potentially commercialize Mainz Biomed's Next Generation colorectal cancer screening product.
The collaboration will harness Thermo Fisher's technologies, instrumentation and information translation systems to enable Mainz Biomed to develop proprietary assays for its mRNA-based next-generation colorectal cancer screening tests.
Mainz Biomed's flagship non-invasive test targets the early detection of colorectal cancer and focuses on precancerous lesions, particularly advanced adenomas.
The collaboration will leverage combined capabilities to deliver testing solutions being developed at Mainz Biomed's laboratories in Mainz, Germany.
Guido Baechler, CEO of Mainz Biomed, said: "This collaboration with Thermo Fisher will be instrumental to our goal to bring to market a home collection colorectal screening tool with highly effective detection of adenomas."
In October, Mainz Biomed reported a 4% increase in revenue and a 32% decrease in operational losses for the first half of 2024. These decreases result from the company's efforts to reduce costs during the first half of the year.
The company announced significant improvements to its ColoAlert product, which is available across Europe and in select international markets.
The company says that the new proprietary buffer used in ColoAlert significantly reduces the necessity for additional sample submissions, thereby decreasing how long it takes patients to obtain their results.
This enhancement enabled ColoAlert to achieve the industry's lowest retesting rates, ensuring that screening outcomes are delivered within two to three days of arrival at the laboratory.
Price Action: MYNZ stock is down 13.09% at $6.93 at publication Tuesday.
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