After the announcement of a high-profile partnership, Mainz Biomed N.V. (NASDAQ: MYNZ) stock saw a sharp increase on Thursday. During the regular trading session, MYNZ shares increased 26.19%, finishing at $4.77. Still in the pre-market session today, the stock is on the rise of 14.05% to $5.44, reflecting investor confidence in the company’s new deal.
Working together with Quest Diagnostics
A collaboration between Mainz Biomed and Quest Diagnostics, a pioneer in diagnostic information services, was launched in order to promote the NextGen colorectal cancer screening test’s commercialization. ColoAlert is a stool-based diagnostic test that detects tumor DNA using polymerase chain reaction technology. It looks for colon cancer early on by examining DNA alterations in stool samples, providing a non-invasive substitute for conventional screening techniques.
Market Potential and Clinical Trials
Under the agreement, Quest Diagnostics will provide laboratory services for Mainz Biomed’s ReconAAsense study. This prospective clinical trial involves approximately 15,000 participants across 150 U.S. sites and is designed to generate data supporting FDA approval of the NextGen test. The deal also gives Quest Diagnostics the semi-exclusive right to provide ColoAlert kit-based diagnostic services for 18 months after FDA certification.
According to the World Cancer Research Fund, colorectal cancer (CRC) accounted for about 1.9 million new cases in 2020, making it the third most common disease globally. Although stool DNA-FIT testing should be performed every one to three years beginning at age 45, a sizable section of the eligible population in the United States is still unscreened. This unmet need represents a $4 billion market opportunity for alternative screening solutions like ColoAlert.
Future Implications
This partnership positions Mainz Biomed to capitalize on Quest Diagnostics’ expertise in scaling diagnostic innovations and expanding access to life-saving screenings. MYNZ hopes to enhance early detection of colorectal cancer and hasten the commercial implementation of ColoAlert by utilizing Quest’s vast network and technological prowess. This partnership demonstrates a common dedication to improving patient care and filling important gaps in cancer screening.
