Mainz Biomed, which is commercializing in vitro molecular tests for cancer screening, filed on Tuesday with the SEC to raise up to $10 million in an initial public offering.
The Mainz, Germany-based company plans to raise $10 million by offering 2 million shares at a price range of $4 to $6. At the midpoint of the proposed range, Mainz Biomed would command a market value of $59 million.
Mainz Biomed is a molecular genetics cancer diagnostic company formed in 2021 to acquire PharmGenomics with the purpose of commercializing its product portfolio in Europe and the US. PharmGenomics is a manufacturer of in-vitro diagnostic tests with its own molecular genetic laboratory, and has developed several tests for the European market since its 2008 inception. The company's portfolio consists of ColoAlert, a colorectal cancer screening stool DNA test licensed from ColoAlert AS and sold in Europe; PancAlert, an early-stage candidate for a pancreatic cancer screening test based on Real-Time Polymerase Chain Reaction-based multiplex detection of molecular-genetic biomarkers in stool samples; GenoStrip, an early-stage platform technology being developed to detect pathogens in environments on a molecular genetic basis; and Legacy Research-Use-Only and IVD tests, such as the GenoChips and the HumaSense product line, that the company intends to license to third parties, sell, or discontinue within the coming 18 months.
Mainz Biomed was founded in 2008 and booked $1 million in revenue for the 12 months ended June 30, 2021. It plans to list on the Nasdaq under the symbol MYNZ. The company filed confidentially on August 3, 2021. Boustead Securities is the sole bookrunner on the deal.
