Skip to main content
Premium Trial:

Request an Annual Quote

In Brief This Week: Mainz Biomed, Bio-Techne, More

NEW YORK – Mainz Biomed this week reported that its revenues for the first half of 2022 declined nearly 43 percent to $239,805 from $417,311 in the year-ago period. Net loss was $12.6 million, or $.91 per share, compared to $261,721, or $.05 per share, in the first half of 2021. The company ended the first half of the year with cash and cash equivalents of $26.0 million. 

Bio-Techne said in documents filed with the US Securities and Exchange Commission last week that it has entered into a credit agreement with BMO Hars Bank. The agreement provides for a revolving credit facility of $1 billion, which can be increased by $400 million subject to certain conditions. Borrowings under the agreement, which matures on Aug. 31, 2027, can be used for working capital and expenditures, including financing permitted acquisitions. As of Aug. 31, 2022, the firm borrowed $350 million for working capital and to pay outstanding debt under its previous credit agreement. 

The Cancer Care Is Different Coalition said this week that SB 987, also known as the California Cancer Care Equity Act, is headed to Gov. Gavin Newsom's desk for his signature. If signed into law, the bill would expand Medi-Cal patients' access to experts at National Cancer Institute-designated comprehensive cancer centers and to cutting-edge cancer care, including molecularly informed precision therapies, genomic testing, and clinical trials. The California State Senate unanimously passed the bill in May, and it sailed through the California State Assembly in August. Currently, Medi-Cal recipients who want to see a doctor at an NCI-CCC must go out of network, but the bill would ensure that patients with complex tumor types have access to such experts and are given information about all their treatment options. 

Prenetics this week announced $51.7 million in revenues for the second quarter of 2022, down 35 percent from the same quarter a year ago. For the quarter ended June 30, the diagnostics and genetic testing company, based in London and Hong Kong, booked a loss of $148.4 million, or $2.91 per share, compared to a loss of $9.9 million, or $.32 per share, during the same quarter a year ago. As of June 30, Prenetics had $134.4 million in cash and cash equivalents. For the third quarter, Prenetics expects $65 million to $70 million in revenues.

In Brief This Week is a selection of news items that may be of interest to our readers but had not previously appeared on 360Dx.