Pacific Edge to seek increase in directors' fee pool; plans to refresh board

Friday 8th August 2014

Pacific Edge, the non-invasive bladder cancer test maker, will ask shareholders to approve a boost in fee pool used to pay directors at its annual meeting, and plans to refresh its board and replace outgoing director Colin Dawson.

The Dunedin-based company will ask shareholders at its Aug. 21 meeting to raise the maximum pool of fees to non-executive directors by $26,000 to $198,000 to cover any future appointments, the company said in a statement. Dawson, who has been a director with Pacific Edge since 2002 according to his LinkedIn profile, today announced his resignation from the board, stepping down at the meeting.

Pacific Edge is refreshing its board as it chases sales growth in the US with its Cxbladder technology, which tests for bladder cancer. Bryan Williams, who was chairman of a Nasdaq listed company, was appointed as an independent director in the past 12 months, while Bruce Nogales, a US businessman, last year joined the board of its US subsidiary, Pacific Edge Diagnostics USA, it said.

"The board has identified a number of commercialisation skills and capabilites that would be of value to the company," chairman Chris Swann said. "We are in discussion with several candidates and we hope to make an announcement on appointment of new directors in the near future."

Shares of Pacific Edge rose 4.4 percent to 71 cents, and have fallen 49 percent in the past year.

BusinessDesk.co.nz

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