Thursday 13th November 2014
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Pacific Edge, the non-invasive bladder cancer test developer, has appointed Kate Rankin as its chief financial officer as it continues its push into overseas markets.
Rankin joins the Dunedin based biotech firm from Spark New Zealand, where she was senior finance performance manager and member of the international leadership team, the company said in a statement. She has also worked at Deutsche Bank as legal entity controller in London.
Pacific Edge's goal is to grow annual revenues to $100 million in the coming years. Much of the growth is expected to come from the US, with its non-invasive bladder cancer test, Cxbladder Detect, where it is securing healthcare provider trials. In New Zealand it provides the test through district health boards, and expects to launch its second product, Cxbladder Triage, later this year. In September the biotech firm announced plans to commercialise its Cxcolorectal test in Japan, where colorectal is the nation's most prevalent cancer,
"Kate will bring international business experience, finance and leadership skills to further build the capability of the Company’s senior management team," chief executive David Darling said. "Kate’s corporate business experience in the USA, Asia and UK will be of particular relevance as Pacific Edge looks to further commercialise its molecular diagnostic technology including Cxbladder, in those markets.”
Shares of Pacific Edge dropped 3.6 percent to 81 cents, more than half its February peak of $1.76. The stock is rated a 'buy' by Forsyth Barr, which has price target of $1.10.
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