Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Pacific Edge widens first-half loss as US roll-out ramps up

Pacific Edge widens first-half loss as US roll-out gathers pace

Nov. 29 (BusinessDesk) - Pacific Edge, which is banking on successfully commercialising its Cxbladder urine testing product, widened its first-half loss as it ramped up spending to set up its business in the US.

The Dunedin-based company made a loss of $3.2 million, or 1.2 cents per share, in the six months ended Sept. 30, from $1.7 million, or 0.9 cents, a year earlier, it said in a statement. Revenue climbed 29 percent to $325,000, though just $11,000 of that came from external customers.

"The majority of this net loss is the investment in the company’s setting up of business in the US, clinical trials, product development and intellectual property as it is expensed," it said. "The company is investing significant funds in the set-up and running of the commercial laboratory and the development of the US strategy in this financial year."

The shares fell 2.2 percent to 44 cents, having surged 137 percent this year. That values the company at $122.7 million.

Pacific Edge hopes to successfully bring its urine sampling system to market, having won clinical confirmation the Cxbladder is at least as effective as other methods from the American Journal of Urology. The local company says that could be worth up to $100 million in five years' time.

Last month, the company completed its US lab in Pennsylvania and is waiting on regulatory approval to use the building.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Auckland Transport Case: Men Guilty Of Corruption And Bribery Will Spend Time In Jail

Two men who were found guilty of corruption and bribery in a Serious Fraud Office (SFO) trial have been sentenced in the Auckland High Court today... The pair are guilty of corruption and bribery offences relating to more than $1 million of bribes which took place between 2005 and 2013 at Rodney District Council and Auckland Transport. More>>

ALSO:

Hager Raid: Westpac Wrong To Release Bank Records To Police

The Privacy Commissioner has censured Westpac Banking Corp for releasing without a court order more than 10 months of bank records belonging to the political activist and journalist Nicky Hager during a police investigation into leaked information published in Hager's 2014 pre-election book, 'Dirty Politics'. More>>

ALSO:

EARLIER:

Crown Accounts: Government Ekes Out Six-Month Surplus Of $9M

The New Zealand government eked out a tiny surplus in the first six months of the fiscal year as growth in domestic consumption lifted the goods and services tax take, while uncertainties over the Kaikoura earthquake costs meant expenses were less than expected. More>>

ALSO:

Almost 400 Jobs: Shock At Cadbury's Dunedin Factory Closure

Workers at Cadbury in Dunedin are reeling after learning this morning that the iconic Cadbury factory is to close, with the loss of almost 400 jobs... “The company had reported it was doing well and this has come out of the blue,” says Chas. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news