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

 

Economic Update: RBNZ Says Rate Cut Seems Likely

The Reserve Bank will likely cut interest rates further as a persistently strong kiwi dollar makes it difficult for the bank to meet its inflation target, it said. The local currency fell. More>>

ALSO:

House Price Action Plan: RBNZ Signals National Lending Restrictions

The central bank wants to cap bank lending to property investors with a deposit of less than 40 percent at 5 percent and restore the 10 percent limit for owner-occupiers wanting to take out a mortgage with a deposit of less than 20 percent, according to a consultation paper released today. More>>

ALSO:

Sparks Fly: Gordon Campbell On China Steel Dumping Allegations

No doubt, officials on the China desk at MFAT have prided themselves on fashioning a niche position for New Zealand right in between the US and China – and leveraging off both of them! Well, as the Aussies would say, of MFAT: tell ‘em they’re dreaming. More>>

ALSO:

Loan Sharks: Finance Companies Found Guilty Of Breaching Fair Trading Act

Finance companies Budget Loans and Evolution Finance, run by former 1980s corporate high-flyer Allan Hawkins, have been found guilty of 106 charges of breaching the Fair Trading Act for misleading 21 borrowers while enforcing loan contracts. More>>

ALSO:

Post Panama Papers: Govt To Adopt Shewan's Foreign Trust Recommendations

The government will adopt all of the recommendations from former PwC chairman John Shewan to increase disclosure and introduce a register for foreign trusts with new legislation to be introduced next month. More>>

ALSO:

The Price Of Cheese: Cheddar At Eight-Year Low

Food prices decreased 0.5 percent in the year to June 2016, influenced by lower grocery food prices (down 2.3 percent), Statistics New Zealand said today. Compared with June 2015, cheese prices were down 9.5 percent, fresh milk was down 3.9 percent, and yoghurt was down 9.2 percent. More>>

ALSO:

Financial Advisers: New 'Customer-First' Obligations

Goldsmith plans to do away with the current adviser designations which he says have been "unsatisfactory" in that some advisers are obliged to disclose potential conflicts of interest and act in their customers' best interests, but others are not. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news