Tuesday 27th March 2012
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Pacific Edge, the biomedical firm specialising in cancer detection, will sell its Cxbladder product to urologists and general practitioners in the Auckland and Northland regions under an agreement with Healthscope’s Labtests unit.
Pacific Edge will provide all laboratory analytical services from its Dunedin-based diagnostic laboratory while retaining the rights to the rest of New Zealand for the marketing and sale of Cxbladder, the company said in a statement.
The terms of the license agreement are confidential. In November, Pacific Edge posted a smaller first-half loss as it focused on bringing Cxbladder to market in the US.
The net loss narrowed to $1.39 million in the six months ended Sept. 30, from $1.42 million in the same period a year earlier. Sales dropped 24 percent to $201,000.
The company has been burning through cash since targeting the US, where it plans to build a laboratory to provide services to urologists as part of a strategy to win acceptance for its non-invasive bladder test product.
Last year, it raised about $20 million from new and existing shareholders, giving it a funding buffer through until 2013.
Shares in the company are down 1 percent this year and are currently trading at 19 cents.
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