Issuer: Mainz BioMed N.V. / Key word(s): Personnel/Strategic Company Decision
26.04.2022 / 09:01
The issuer is solely responsible for the content of this announcement.
Former Abbott and Luminex executive with over 30 years of In Vitro Diagnostic (IVD) and life science research experience appointed to execute the international commercialization of ColoAlert and drive the development of the Mainz Biomed's portfolio of cancer detection products
BERKELEY, US - MAINZ, Germany - April 26, 2022 - Mainz Biomed N.V. (NASDAQ:MYNZ) ("Mainz Biomed" or the "Company"), a molecular genetics diagnostic company specializing in the early detection of cancer, announced today the appointment of Darin Leigh as Chief Commercial Officer.
"We're very pleased to welcome Darin who is an important addition to our growing team," commented Guido Baechler, Chief Executive Officer of Mainz Biomed. "He is a proven and highly-accomplished executive who will bring his extensive experience and network as he leads the commercialization of ColoAlert globally and drives product development for Mainz Biomed's portfolio of cancer detection products."
Darin comes to the role with over 25 years of product lifecycle management and global commercial operations experience across Europe, the United States and Asia. Having held executive commercial positions at several leading life science and healthcare firms including Abbott, Luminex, Metabolon, and CDR Health, he has excelled in the development of high-functioning international commercial teams and the launch and rapid commercial scaling of unique, highly-differentiated IVD products.
At multinational medical devices and healthcare company Abbott Laboratories, Darin generated over $100 million per year launching the state-of-the-art Architect Immunochemistry system across 17 US states. At leading biotech firm Luminex, as Vice President of Global Commercial Operations, Darin was responsible for both the diagnostic and life science businesses including partner alliances, training, sales and marketing. During his tenure, he grew sales revenue from $26 million to $184 million and the new molecular diagnostics business from $0 to $50 million in four years. More recently, as Chief Commercial Officer at emergency medical services company CDR Health, Darin was part of the commercial team that delivered millions of dollars in new contracts as CDR scaled testing, vaccination and monoclonal antibody treatment services in response to the Covid-19 pandemic for the state of Florida.
"Having spent my career accelerating the development and commercialization of leading-edge diagnostics products, I've been incredibly excited by the potential for ColoAlert to become the defacto CRC screening solution and highly impressed by the depth and expertise within the organization," said Darin Leigh. "I'm proud to be joining the Mainz team and using my experience and expertise to ensure ColoAlert and the company's growing portfolio of cancer detection products are able to meet their immense potential."
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-IVD marked (complying with EU safety, health and environmental requirements) and is transitioning to compliance with IVDR. The product is commercially available in a selection of countries in the European Union. 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.
*Dollinger MM et al. (2018)
About the ColoFuture Study
The ColoFuture study is an international clinical trial evaluating over 600 patients (women or men) in the age range of 40-85 at two participating centers in Norway and two in Germany. Subjects are invited to potentially participate in the trial when referred for a colonoscopy (pre-inclusion) to screen for CRC or an overall diagnostic analysis. Those who agree to provide a stool sample in advance of the procedure will be eligible for participation. Inclusion criteria are based on one of the following diagnostic outcomes: CRC, advanced precancerous lesions in colon, or normal colon. Then, each patient outcome will compare the observations recorded from the colonoscopy to the results from the ColoAlert test that incorporates the novel biomarkers. The primary endpoints of the study are to determine sensitivity and specificity rates for CRC with ColoAlert plus the new mRNA biomarkers. There are multiple secondary endpoints for evaluating the modified ColoAlert test, including, determining sensitivity for AA lesions in colon, specificity for advanced precancerous lesions in colon and, specificity for no colorectal finding (normal colon). The Company is expecting to complete enrollment during the second half of 2022 and is targeting reporting study results in early 2023.
About Colorectal Cancer
Colorectal cancer (CRC) is the second most lethal cancer in the U.S. and Europe, but also the most preventable with early detection providing survival rates above 90%. Annual testing costs per patient are minimal, especially when compared to late-stage treatments of CRC which cost patients an average of $38,469 per year. The American Cancer Society estimates that in 2021 there will be approximately 149,500 new cases of colon and rectal cancer in the U.S. with 52,980 resulting in death. Recent FDA decisions suggest that screening with stool DNA tests such as ColoAlert in the US should be conducted once every three years starting at age 45. Currently there are 112 million Americans aged 50+, a total that is expected to increase to 157 million within 10 years. Appropriately testing these US-based 50+ populations every three years as prescribed equates to a US market opportunity of approximately $3.7 Billion per year.
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. ColoAlert is currently marketed across Europe with FDA clinical study and submission process intended to be launched in the first half of 2022 for U.S. regulatory approval. Mainz Biomed's product candidate portfolio includes PancAlert, an early-stage pancreatic cancer screening test based on Real-Time Polymerase Chain Reaction-based (PCR) multiplex detection of molecular-genetic biomarkers in stool samples, and the GenoStick technology, a platform being developed to detect pathogens on a molecular genetic basis.
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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 registration statement on Form F-1 filed on January 21, 2022. 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.
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