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

 

Skodafone Goneski: Sky TV, Vodafone Drop $3.44 Billion Merger Plan

Sky Network Television and Vodafone New Zealand have terminated their merger agreement which aimed to create the country's largest telecommunications and media group, and have withdrawn an appeal against the Commerce Commission's rejection of the plan. More>>

Quake Insurance: Reforms To EQC Act Announced

· Increasing the monetary cap from $100,000 (plus GST) to $150,000 (plus GST) for EQC building cover.
· Clarifying EQC land cover is for natural disaster damage that directly affects the insured residence or access to it... More>>

ALSO:

Reserve Bank: Official Cash Rate Unchanged At 1.75 Percent

Global economic growth has increased and become more broad-based. However, major challenges remain with on-going surplus capacity and extensive political uncertainty... More>>

Kaikōura Earthquake: Private Insurers Receive $1.8b Claims

Insurance Council Chief Executive Tim Grafton said most is for commercial loss at $1.36 billion, with residential claims amounting to over $460 million. “...We have a high level of confidence that most people will have received settlement offers by the end of this year." More>>

ALSO:

Forms And Data: New Proposals To Simplify Personal Income Tax

The Government is proposing to make tax simpler for individuals, with people whose only income is from a salary, wages or investments no longer being required to file tax returns to receive tax refunds or to calculate any additional tax. More>>