Pacific Edge shares jump 5 percent on prospect of sales through DHBs

Monday 10th February 2014

Shares of Pacific Edge, which have soared almost 200 percent in the past 12 months, extended their gains after a deal was signed allowing its bladder cancer test to be used District Health Boards.

The stock jumped 4.9 cents to $1.72 after the Health Innovation Hub, a government agency set up to allow technology innovations to be commercialised via the nation's four largest DHBs, signed a commercial agreement for the adoption of Pacific Edge's Cxbladder test. The four biggest DHBs are Auckland, Waitemata, Counties-Manukau and Canterbury, covering almost half the country's population.

"The decision of HIH to now assist the adoption of Cxbladder is a strong endorsement of its ability to deliver sound clinical outcomes for patients and significant savings in time and expense for DHBs," chief executive David Darling said in a statement.

Last year, Pacific Edge announced two agreements with US healthcare network providers, giving it access to sell its CXbladder test to 44 million Americans. It also announced the first commercial sale to US clinicians. It raised some $20 million via a rights offer to drive sales growth.

BusinessDesk.co.nz

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