By Sam Boughedda
Investing.com — Mainz Biomed shares are up 40% in the last hour of Wednesday trading, falling back somewhat after more than doubling earlier in the day.
The rally was on the back of news the molecular genetics diagnostic company has entered into a Technology Rights Agreement with Socpra Sciences Santé Et Humaines S.E.C. to access a portfolio of novel mRNA biomarkers.
The access to the portfolio is for potential future integration into ColoAlert, Mainz's test for colorectal cancer. In addition, the agreement between the companies gives Mainz the option to license the exclusive global rights to five gene expression biomarkers that have demonstrated effectiveness in detecting colorectal cancer lesions.
The Germany-based firm is currently marketing ColoAlert in Europe through partnerships with third-party laboratories. Furthermore, they are also preparing to initiate ColoAlert's regulatory pathway for approval in the United States.
"Securing the exclusive rights to license this family of novel biomarkers is a fantastic milestone for the Company as it provides an extraordinary opportunity to potentially upgrade ColoAlert's technical profile, possibly making it the most effective at-home screening test for CRC that has ever been commercialized," stated Guido Baechler, CEI of Mainz Biomed.
Mainz said it will now begin a clinical study in Europe to evaluate the effectiveness of the biomarkers.