Friday 19th September 2014
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Pacific Edge, the non-invasive bladder cancer test maker, has appointed former McKinsey & Co consultant Charles Sitch to its board.
Sitch will join the Dunedin-based company's board on Nov. 1 as an independent director, Pacific Edge said in a statement. Sitch is also a director of Spark New Zealand, and was previously a senior director at McKinsey, working with executives and boards on strategy and operation turnarounds. Pacific Edge hopes his contribution will speed up the global commercialisation of its Cxbladder device.
"The appointment of Charles will add a further dimension to the expertise of the board and his experience working with McKinsey globally brings a very strong strategic capability," chairman Chris Swann said.
Last month Pacific Edge announced plans to refresh its board to help its drive in the US, with the resignation of 12-year director Colin Dawson. The company is seeking to grow annual revenues to $100 million in the coming years, and this month secured a US patent for a skin cancer test, potentially expanding its range of products.
The shares were unchanged at 92 cents, and have dropped 31 percent this year, after getting caught in a global sell-off of biotech and software stocks.
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