BioNTech Shifted Its Focus To Innovative Oncology And Mainz Biomed Announced A Showcasing Of Its Revolutionary Colorectal Cancer Detection Test

On November 6th, BioNTech SE SE who partnered with Pfizer Inc PFE in the making of a blockbuster COVID-19 vaccine, posted a surprise earnings with its latest quarterly report. However, like its peer Moderna Inc MRNA who guided for sales at the lower end of its guidance, BioNTech lowered its revenue forecast due to lower demand for Covid vaccines. BioNTech is making a shift from its COVID-19 focus to innovative oncology and this is currently reflected in a weakened financial position as these developments take time. Meanwhile, another German company that also specializes in cancer but from a diagnostic perspective, Mainz Biomed N.V. MYNZ, announced today it will be attending one of the largest medical B2B trade fairs in the world and presenting its flagship product.

Mainz Biomed To Attend MEDICA

Mainz Biomed is a molecular genetics diagnostic company. With its flagship product ColoAlert®, along with PancAlert it is currently in development, it specializes in early detection of cancer. Mainz Biomed has received the invitation from the Rhineland-Pfalz government to attend the MEDICA medical trade fair in Dusseldorf, Germany that will be taking place from November 13th to 16th. Mainz Biomed announced its VP Commercial Operations, Tarrin Khairi-Taraki will be attending the event, along with global healthcare experts, along with policy and commercial decision makers. Throughout the event Mainz Biomed will be showcasing its user-friendly at-home-detection test for colorectal cancer at the Rhineland-Pfalz booth which is located in Hall 3, Booth F80.

BioNTech Is Undergoing A Deep Shift In Focus

BioNTech slashed its annual guidance by as much as 1 billion euros. It also reduced spending in response to lowered demand for first vaccine doses as well as boosters it developed with Pfizer. However, BioNTech also revised its write-off estimate for pandemic-purchases from 900 million euros to about 600 million euros as some of the charges had already been reflected in last year’s accounts. BioNTech now plans to spend between 1.8 and 2 billion euros on its research and development efforts this year, while it previously budgeted 2.4 to 2.6 billion euros. This update didn’t come as a surprise after Pfizer lowered its forecast for Covid-19 vaccines last month with Moderna confirming the trend last week. Although BioNTech reported its third quarter net profit fell more than 90% YoY to 160.6 million euros, its diluted earnings of 67 cents per share, topped the consensus forecast for a loss of 35 cents per share. Although sales also fell to €895.3 million in the quarter, they topped average analyst estimate of €865.8 million. In the post-Covid era, BioNtech has turn to innovative oncology treatments, many of which are in early-stage trials and therefore cannot reach the market in several years. CEO Uğur Şahin stated that BioNTech recently added a popular antibody drug that aims to be more efficient than chemotherapy as the company continues its efforts to develop a toolbox of diverse complementary technology to improve cancer treatments.

With Mainz Biomed focusing on early detection and BioNTech on transforming cancer treatment, these two German companies promise to enhance the quality of healthcare for cancer patients, possibly changing many lives and health outcomes for the better.

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