Biotech Values

[Mufaso]

MYNZ- Down 40% to about $1.23 a share after announcing pricing of $5.0 million of a registered direct offering at $1.20 a share. This company has a diagnostic test for sale in Europe now *with disappointing sales) and have some interesting mRNA second gen diagnostic test technology for colon cancer but their financial condition isn't so good.

Their IPO was at $5 in Oct 2021 ( got $10 million then) and then did a raise Jan 2022 at $23.75/share raising $40 million. Right now they have $11 million in cash left , had a loss of $20million in the last 12 months. Raising only $5million at $1.20 is far short of what they need to conduct large scale trials in the US or elsewhere for their gen 2 test. Unless somebody makes an offer soon, I think it looks bleak for them.