Mainz Biomed, maker of the ColoAlert test, inked a private placement deal for $6 million and is looking to shed its colorectal cancer assets as it shifts its focus to building a pancreatic cancer detection program in the U.S.
The Germany-based company, which also has operations in Berkeley, California, agreed to a private placement with investor David Lazar and received the funding in two separate tranches of $3 million each, Mainz said in a Feb. 17 press release.
The funds were part of a corporate effort to strengthen the test maker’s liquidity position and fund ongoing operations.
Additionally, the company named Lazar chairman of its board of directors.
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“Completing this financing provides the company with critical runway and stability,” Lazar said in a statement. “Our immediate focus is to continue to further develop and evaluate opportunities to grow our pancreatic screening program in the U.S. and stabilize the business.”
The company, which is winding down the operations of its German subsidiary, said it will also explore strategic alternatives that include selling off its ColoAlert assets.
It is “currently in discussions with several parties interested in” the colorectal cancer assets. Such a sale, it said, would reduce operating expenses and extend operations.
Exact Sciences, which is a segment leader in colon cancer detection excluding colonoscopy, hauled in a record total revenue of $3.25 billion for the full 2025 with $2.5 billion of that coming from its screening tests that include the popular Cologuard at-home diagnostic.
