Mainz BioMed Releases Mid-Year 2024 Financial Results

Mainz BioMed N.V., a molecular genetics diagnostic firm, shared its mid-year 2024 financial performance and company updates. The company reported a 4% increase in revenue year-over-year and a 32% reduction in loss from operations. These outcomes stem from efficiency improvements.

The company achieved significant milestones in the first half of the year. Notably, pooled results from the ColoFuture and eAArly DETECT studies were published at ASCO, displaying exceptional sensitivity for colorectal cancer at 92% and 82% for advanced adenomas. Additionally, Mainz Biomed enhanced its ColoAlert® product to optimize lab processes and reduce retesting rates.

Moving forward, the company plans to focus on expanding ColoAlert® in Europe, advancing a new colorectal cancer screening product, and conducting a 2,000 patient study in the U.S. The feedback from the FDA supports these initiatives.