Mainz Biomed Announces Distribution Partnership with Praxisdienst for ColoAlert®

Rhea-AI Summary

Mainz Biomed N.V. (NASDAQ:MYNZ) partners with Praxisdienst, Germany's largest online retailer, to distribute their innovative early cancer detection product ColoAlert®, enhancing healthcare delivery in Germany. The collaboration aims to provide a more comprehensive screening option for colorectal cancer, utilizing advanced technology for higher detection rates.

Medical Research Analyst

The partnership between Mainz Biomed and Praxisdienst signifies a strategic move in the healthcare industry, particularly in the early cancer detection market. The distribution of ColoAlert® through Germany's largest online retailer for medical products could potentially increase the test's market penetration, leading to higher revenue streams for Mainz Biomed. By leveraging Praxisdienst's distribution network, Mainz Biomed is poised to enhance the accessibility of its non-invasive colorectal cancer screening test, which could lead to earlier detection rates and improved patient outcomes.

ColoAlert®'s ability to detect tumor DNA positions it as a more advanced alternative to traditional fecal occult blood tests. This technology could disrupt the current standard of care, encouraging a shift towards molecular diagnostics in routine screening. The increased detection rates promised by ColoAlert® could result in cost savings for healthcare systems over time, as early diagnosis often correlates with less invasive treatments and better prognoses for patients.

Healthcare Industry Analyst

The collaboration between Mainz Biomed and Praxisdienst is likely to have a significant impact on the competitive landscape of the molecular diagnostics market. Mainz Biomed's focus on early detection of colorectal cancer through advanced molecular genetics diagnostic solutions like ColoAlert® could set a new industry standard, potentially influencing the strategies of other market players. The partnership could also serve as a catalyst for further innovation and investment in the sector, as competitors may seek to develop or acquire similar technologies to maintain market share.

From a business perspective, the distribution agreement could enhance Mainz Biomed's brand recognition and customer base in Germany. The endorsement by a reputable and innovative company such as Praxisdienst may serve as a strong marketing tool, potentially leading to increased trust and adoption rates among healthcare professionals and patients. The partnership's success could also pave the way for international expansion, leveraging Praxisdienst's recognition as a market leader to enter new markets.

Financial Analyst

The announcement of the distribution partnership is likely to be viewed favorably by investors and could have a positive effect on Mainz Biomed's stock performance in the near term. The potential for increased sales and market share in the diagnostic space presents an attractive growth narrative. Investors will be closely monitoring the financial metrics following the partnership's commencement, such as sales volume, market penetration rates and the impact on Mainz Biomed's bottom line.

Long-term financial implications will depend on the sustained adoption of ColoAlert® and the ability of Mainz Biomed to capitalize on the partnership to secure additional agreements in other markets. The partnership could also be a precursor to further strategic collaborations or acquisitions, which may require careful evaluation of the company's capital allocation strategy and its effects on shareholder value.

BERKELEY, Calif. and MAINZ, Germany, Feb. 22, 2024 (GLOBE NEWSWIRE) -- Mainz Biomed N.V. (NASDAQ:MYNZ) (“Mainz Biomed” or the “Company”), a leader in molecular genetics diagnostic solutions for early cancer detection, is pleased to announce a distribution partnership with Praxisdienst, Germany’s largest online retailer for medical products. This collaboration, which commenced in February 2024, marks an important step in Mainz Biomed’s mission to enhance healthcare delivery across Germany, focusing on the accessibility of their flagship product, ColoAlert^®.

ColoAlert^® represents a breakthrough in the early detection of colorectal cancer, offering a convenient, non-invasive at-home stool test that goes beyond traditional screening methods. Unlike standard tests that only detect the presence of blood in the stool, ColoAlert^® utilizes advanced technology to identify tumor DNA, providing a more comprehensive screening option. This innovative approach ensures higher detection rates, especially in cases where tumors do not bleed, thereby facilitating the early diagnosis of colorectal cancer. Early detection is crucial, as it significantly enhances the treatability of this condition, potentially saving lives.

Praxisdienst has consistently demonstrated its capacity for innovation and leadership in the medical products market. Praxisdienst’s achievements, including the "Deutscher Gesundheits-Award 2022" in the "Medical Technology - Online Shops" category and its recognition as a Top Innovator in 2023, highlight its dedication to excellence and innovation.

This partnership will harness Praxisdienst's extensive distribution network alongside Mainz Biomed's leading-edge diagnostic technologies, ensuring broader access to their sophisticated medical solutions for healthcare professionals and patients throughout Germany.

Darin Leigh, CCO of Mainz Biomed, expressed enthusiasm about the partnership: "We are delighted to partner with Praxisdienst to distribute ColoAlert^®, our innovative at-home screening test for colorectal cancer. This collaboration is not only in line with our strategic objectives but also underscores our commitment to providing superior diagnostic solutions to the healthcare sector. We are confident that this partnership will have a profound impact on healthcare standards and patient care in Germany by making early detection of colorectal cancer more accessible."

For more information about Mainz Biomed and our innovative products, please visit Mainz Biomed's website. To learn more about Praxisdienst and its extensive range of medical products, visit Praxisdienst's website.

Please visit Mainz Biomed’s official website for investors at mainzbiomed.com/investors/ for more information.
Please follow us to stay up to date:
LinkedIn
X (Previously Twitter)
Facebook

About ColoAlert^®
ColoAlert^®, Mainz Biomed’s flagship product, delivers high sensitivity and specificity in a user-friendly, at-home colorectal cancer (CRC) screening kit. This non-invasive test can be indicative of tumors as determined by analyzing tumor DNA, offering better early detection than fecal occult blood tests (FOBT). Based on PCR-technology, ColoAlert^® detects more cases of colorectal cancer than other stool tests and allows for an earlier diagnosis (Dollinger et al., 2018). The product is commercially available in select EU countries through a network of leading independent laboratories, corporate health programs and via direct sales. To receive marketing approval in the US, ColoAlert^® will be evaluated in the FDA-registration trial ‘ReconAAsense.’ Once approved in the US, the Company’s commercial strategy is to establish scalable distribution through a collaborative partner program with regional and national laboratory service providers across the country.

About Colorectal Cancer
Colorectal cancer (CRC) is the third most common cancer globally, with more than 1.9 million new cases reported in 2020, according to World Cancer Research Fund International. The US Preventive Services Task Force recommends that screening with stool DNA tests such as ColoAlert^® should be conducted once every three years starting at age 45. Each year in the US, 16.6 million colonoscopies are performed. However, roughly one-third of US residents aged 50-75 have never been screened for colon cancer. This gap in screening represents a $4.0B+ total market opportunity in the US.

About Mainz Biomed N.V.  
Mainz Biomed develops market-ready molecular genetic diagnostic solutions for life-threatening conditions. The Company’s flagship product is ColoAlert^®, an accurate, non-invasive and easy-to-use, early-detection diagnostic test for colorectal cancer based on real-time Polymerase Chain Reaction-based (PCR) multiplex detection of molecular-genetic biomarkers in stool samples. ColoAlert^® is currently marketed across Europe. The Company is running a pivotal FDA clinical study for US regulatory approval. Mainz Biomed’s product candidate portfolio also includes PancAlert, an early-stage pancreatic cancer screening test. To learn more, visit mainzbiomed.com.

About Praxisdienst
Praxisdienst stands as Europe's leading online retailer for medical products, catering to healthcare professionals across the continent. Led by CEO Michael Heine and renowned for its innovative approach and commitment to quality, Praxisdienst provides a comprehensive array of medical supplies and equipment through a user-friendly online shopping experience.

For media inquiries

In Europe:
MC Services AG
Anne Hennecke/Caroline Bergmann
+49 211 529252 20
mainzbiomed@mc-services.eu

In the U.S.:
Blueprint Life Science Group
Hershel Berry
+1 415 505 3749
hberry@bplifescience.com

For investor inquiries, please contact info@mainzbiomed.com

Forward-Looking Statements
Certain statements made in this press release are “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “anticipate”, “believe”, “expect”, “estimate”, “plan”, “outlook”, and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements reflect the current analysis of existing information and are subject to various risks and uncertainties. As a result, caution must be exercised in relying on forward-looking statements. Due to known and unknown risks, actual results may differ materially from the Company’s expectations or projections. The following factors, among others, could cause actual results to differ materially from those described in these forward-looking statements: (i) the failure to meet projected development and related targets; (ii) changes in applicable laws or regulations; (iii) the effect of the COVID-19 pandemic on the Company and its current or intended markets; and (iv) other risks and uncertainties described herein, as well as those risks and uncertainties discussed from time to time in other reports and other public filings with the Securities and Exchange Commission (the “SEC”) by the Company. Additional information concerning these and other factors that may impact the Company’s expectations and projections can be found in its initial filings with the SEC, including its annual report on Form 20-F filed on April 7, 2023. The Company’s SEC filings are available publicly on the SEC’s website at www.sec.gov. Any forward-looking statement made by us in this press release is based only on information currently available to Mainz Biomed and speaks only as of the date on which it is made. Mainz Biomed undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise, except as required by law.

What is the name of the company mentioned in the press release?

Mainz Biomed N.V. is the company mentioned in the press release.

What is the ticker symbol for Mainz Biomed N.V.?

The ticker symbol for Mainz Biomed N.V. is MYNZ.

What is the flagship product of Mainz Biomed N.V.?

The flagship product of Mainz Biomed N.V. is ColoAlert®.

What is the innovative approach of ColoAlert® for colorectal cancer detection?

ColoAlert® utilizes advanced technology to identify tumor DNA, providing a more comprehensive screening option compared to standard tests.

Who is the distribution partner of Mainz Biomed N.V. in Germany?

Praxisdienst, Germany's largest online retailer for medical products, is the distribution partner of Mainz Biomed N.V. in Germany.