Pac Edge shares up 9% after positive results from medical trial

Monday 14th November 2016

Pacific Edge shares have rallied after the cancer diagnostics company announced positive results from a trial of its bladder test.

The Dunedin-based company's Cxbladder Triage test, used to rule out patients with a low risk of bladder cancer, was evaluated in a large study of patients of Kaiser Permanente, a large not-for-profit healthcare provider in the US.

The trial finding matched previously published findings which showed a sensitivity of 95.1 percent and a negative predictive value of 98.5 percent, "meaning that Cxbladder Triage accurately identified those patients that had a low probability of having bladder cancer and therefore did not require a full workup for bladder cancer," the company said in a statement to the NZX.

“The positive confirmation and validation of the performance of Cxbladder Triage in the Kaiser clinical setting, where the diagnosis was blinded to us until the end of the study, is a direct reflection of the quality of the Cxbladder Triage test," chief executive David Darling said. “Our analysis further validates Cxbladder’s clinical utility in haematuria and bladder cancer management and supports our goal to create diagnostic tests that are highly accurate, non-invasive, cost effective and simple to use. "

The shares recently traded at 9 cents, up 20 percent today, and have gained 4.8 percent in the last 52 weeks.

"The stock has rallied quite nicely, it has been relatively weak in recent weeks so the positive news has certainly got buyers back into the stock," said Grant Williamson, director at Hamilton Hindin Greene. "You do quite often see a nice rally then a drift off after a couple of days with these sort of announcements once the excitement wears off."

BusinessDesk.co.nz

Comments from our readers

No comments yet