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

 

Lower Levy For Safer Cars: ACC Backtracks On Safety Assessments

Dog and Lemon: “The ACC has based the entire levy system on a set of badly flawed data from Monash University. This Monash data is riddled with errors and false assumptions; that’s the real reason for the multiple mistakes in setting ACC levies.” More>>

ALSO:

Fast Track: TPP Negotiations Set To Accelerate, Groser Says

Negotiations for the Trans-Pacific Partnership will accelerate in July, with New Zealand officials working to stitch up a deal by the month's end, according to Trade Minister Tim Groser. More>>

ALSO:

Floods: Initial Assessment Of Economic Impact

Authorities around the region have compiled an initial impact assessment for the Ministry of Civil Defence, putting the estimated cost of flood recovery at around $120 million... this early estimate includes social, built, and economic costs to business, but doesn’t include costs to the rural sector. More>>

ALSO:

Food: Govt Obesity Plan - No Tax Or Legislation

Speaking to Q+A’s Corin Dann this morning, health minister Jonathan Coleman said tackling obesity was at the top of the Government’s priority list, but there was “no evidence” a sugar tax worked, and further regulation was unnecessary. More>>

ALSO:

Treasury Docs On LVR Policy: Government Inaction Leads To Blurring Of Roles

The Treasury wouldn’t have had to warn the Reserve Bank to stick to its core functions if the Government had taken prompt and substantial measures to rein in skyrocketing Auckland house prices, Labour’s Finance spokesperson Grant Robertson says. More>>

ALSO:

Final EPA Decision: Tough Bar Set For Ruataniwha Dam

Today’s final decision by the Tukituki Catchment Board of Inquiry is good news for the river and the environment, says Labour’s Water spokesperson Meka Whaitiri. “Setting a strict level of dissolved nitrogen in the catchment’s waters will ensure that the dam has far less of an impact on the Tukituki river." More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news