Mainz Biomed secures $6 million private placement, names new chairman

Mainz Biomed N.V. (NASDAQ: MYNZ) completed a $6 million private placement with investor David Lazar and announced a strategic shift to focus on pancreatic cancer detection in the United States.

The molecular genetics diagnostic company entered into the securities purchase agreement on February 13, 2026, with financing structured in two $3 million tranches through convertible non-redeemable preferred stock. The first tranche closed on February 13, while the second is expected to close following stockholder approvals and before April 15, 2026.

In conjunction with the financing, the company appointed David Lazar as Chairman of the Board of Directors. Lazar stated the funding provides "critical runway and stability" as the company develops its pancreatic screening program and explores strategic alternatives.

Mainz Biomed plans to use the proceeds to fund operations, address liabilities, and maintain operational capacity while pursuing strategic initiatives. The company will focus on its U.S. pancreatic cancer screening business while evaluating the sale of its colorectal cancer screening assets and winding down its German subsidiary.

The company reported it is in discussions with several parties regarding its colorectal cancer assets. This restructuring aims to reduce operating expenses and extend operational runway.

Mainz Biomed develops molecular genetic diagnostic solutions, with its flagship product ColoAlert marketed across Europe for colorectal cancer detection. The company is conducting its eAArly DETECT 2 clinical study in preparation for FDA regulatory approval. Its product portfolio also includes PancAlert, a pancreatic cancer screening test using PCR-based detection of biomarkers in blood and stool samples.

The company filed a Form 8-K with the SEC on February 17, 2026, detailing the transaction specifics.

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