Pacific Edge shares at 13-year high, halted for NZX share price inquiry

Friday 21st September 2012

Pacific Edge, the Dunedin-based DNA diagnostic test company, had its shares halted by NZX Market Supervision after they jumped to a 13-year high.

The shares rose 13 percent to 34 cents today, the highest since they spiked to 46 cents on May 9, 2004, and have gained 47 percent this year. That values the company at $93 million.

Share price inquiries typically ask if a company is privy to any information not generally known in the market that could account for an unusual move in its shares.

The last statement from the company was on Sept. 11 and concerned a waiver it obtained from the NZX for having only one independent director after the retirement of a board member.

In August, the company said it had received independent clinical confirmation that its Cxbladder detection test was at least as effective as other methods.

The validation in the American Journal of Urology could be worth up to $100 million a year in five years' time for Cxbladder, it said.

Patients with bladder cancer or pre-cancer symptoms often need to have multiple visits to a urologist. However, a Cxbladder test can be achieved from a urine sample collected at a patient's home and the sample sent to Pacific Edge for analysis.

BusinessDesk.co.nz

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