Mainz Biomed NV (NASDAQ:MYNZ), a molecular genetics diagnostic company specializing in the early detection of cancer, announced that its Nominating Committee and Board of Directors nominated Dr. Heiner Dreismann as Chairman of the Board and Gregory Tibbitts to its Board of Directors. The Company’s Board of Directors intends to call an extraordinary general meeting the week of December 12, 2022, to vote on the nominations. “As we continue to build strength throughout our organization, we are honored to nominate Heiner and Gregory to our Board of Directors, two notable leaders in key areas of the diagnostics field,” commented Guido Baechler, Chief Executive Officer of Mainz Biomed. “The rich experience they would bring to our board, in both strategic development and financial stewardship, will be of significant value as we prepare for our imminent and pivotal US clinical trial for ColoAlert and continue to advance the development and commercialization of our portfolio of next-generation early-cancer detection products.”
So why does MYNZ deserve a spot on traders and investors watchlist?
The company expects its Flagship product ColoAlert to fuels its growth. Earlier in September, MYNZ reported 127% year-over-year increase in ColoAlert revenue. The company also stated in the press release that it has a mid-year cash balance of $26 Million. ColoAlert detects colorectal cancer (CRC) via a simple-to-administer test with a sensitivity and specificity nearly as high as the invasive colonoscopy*. The test utilizes proprietary methods to analyze cell DNA for specific tumor markers combined with the fecal immunochemical test (FIT) and is designed to detect tumor DNA and CRC cases in their earliest stages. The product is CE-IVDR marked (complying with EU safety, health, and environmental requirements). The product is commercially available in a selection of countries in the European Union and in the United Arab Emirates. Mainz Biomed currently distributes ColoAlert through a number of clinical affiliates. Once approved in the U.S., the Company’s commercial strategy is to establish scalable distribution through a collaborative partner program with regional and national laboratory service providers across the country. Mainz is currently marketing ColoAlert through its unique business model of partnering with third-party laboratories for test kit processing versus the traditional methodology of operating a single facility.
MYNZ stock seems to be disconnected from its fundamentals and has pushed lower despite reaching milestones. Considering everything on Wall Street seems to be on the sell side, MYNZ could potentially provide a “Buy the Dip” opportunity for value investors. MYNZ is trading just shy of 7$ compared to its 52 week high of $30 suggesting room for the stock price on the upside.
Other notable stocks in the biotech sector to watch out for are Abbvie (NYSE:ABBV), Legend Biotech (NASDAQ:LEGN), Sarepta Therapeutics (NASDAQ:SRPT), Exact Sciences (NASDAQ:EXAS), Neurocrine Biosciences (NASDAQ:NBIX) and Karuna Therapeutics (NASDAQ:KRTX).
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