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Dunedin medical company seeks $3 million through public offer


Friday 22nd November 2002

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Medical diagnostic company Pacific Edge Biotechnology is seeking $3 million in capital through a public offer of 12 million shares.

The money will be used to continue research and development of tools to detect and diagnose disease, including cancer, until it begins generating revenue from strategic partnerships.

A planned $5 million share offer last year was withdrawn following the terrorist attacks in the United States.

Pacific Edge has been operating on $5.3 million provided largely by cornerstone investor the New Zealand Seed Fund.

Chief executive Davis Farmer said the $3 million now being sought was initially included as part of its three-year budget.

The money raised so far has been spent on infrastructure, staff and equipment, which is housed at the Centre for Innovation at Otago University.

The extra capital will be used to further work on eight projects Pacific Edge is investigating, six gene profiling and two software developments.

One is patented software that allows computer prognosis of a patient, rather than a manual system.

Pacific Edge was formed in August last year to commercialise a combination of genetic expertise and research tools developed by the University of Otago that improve the diagnosis and management of cancer and other diseases.

The offer is for investors to pay 15c a share on application, with the remaining 10c payable on or before September 30.

On full payment, the shares will revert to ordinary shares.

The minimum purchase is for 10,000 shares and in 2000 share lots after that, with the offer opening on November 26 and closing on December 17.

Organising broker Forsyth Barr will hold presentations in Dunedin and Invercargill next week promoting the offer.

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