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

 


Pacific Edge at record-high after signing 2nd US deal

Pacific Edge at record-high after signing 2nd US health provider network

By Paul McBeth

Oct. 22 (BusinessDesk) - Shares in Pacific Edge soared to a record high after the Dunedin-based bladder cancer test inventor signed its second deal with a US healthcare network in as many weeks, opening up a sales path to the world's biggest economy.

Pacific Edge today signed an agreement with America's Choice Provider Network, which offers medical network services to more than 14 million people through its client base of insurance carriers, third party administrators, health and welfare funds, employer groups, and self-insured health plans, the company said in a statement.

That adds to the 40 million Americans who can access its CXbladder test from last week's agreement with FedMed, and is the latest step in its pursuit of $100 million annual revenue within the next five years.

The company's shares surged 47 percent to a record $1.06, valuing the company at $297 million. Since announcing the FedMed deal on Oct. 16, the shares have more than doubled.

"These provider networks provide patients access to healthcare services and technology by contracting with providers and payers on a national basis," Pacific Edge USA chief Jackie Walker said. "These two recent agreements signed with FedMed and now ACPN will give millions of Americans access to Cxbladder and its positive benefits as a quick, cost effective, non-invasive and highly accurate cancer detection test."

Pacific Edge was formed in 2001 to commercialise intellectual property acquired from the University of Otago, listing on the stock exchange two years later in a public offer of 12 million partly paid shares at 25 cents apiece.

The company sales team is targeting large commercial payers and the Center for Medicare and Medicaid Services, which provides healthcare insurance for 100 million people, about a third of the US's population.

Pacific Edge has published research showing the non-invasive Cxbladder procedure is more successful than current, more costly invasive methods such as cystoscopy. Commercialisation of the test comes after some $28 million of capital investment on Cxbladder and a range of other diagnostic tests to be rolled out in the future.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

No Voda/Sky: Commission Declines Clearance For Merger

The Commerce Commission has declined to grant clearance for the proposed merger of Sky Network Television and Vodafone New Zealand. More>>

ALSO:

EARLIER:

Power: IEA Report On New Zealand's Energy System

Outside of its largely low-carbon power sector, managing the economy’s energy intensity and greenhouse gas emissions while still remaining competitive and growing remains a challenge. More>>

ALSO:

NASA: Seven Earth-Size Planets Around A Single Star

NASA's Spitzer Space Telescope has revealed the first known system of seven Earth-size planets around a single star. Three of these planets are firmly located in the habitable zone, the area around the parent star where a rocky planet is most likely to have liquid water. More>>

ALSO:

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:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news