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

 

Power Outages, Roads Close: Easter Storm Moving Down Country

The NZ Transport Agency says storm conditions at the start of the Easter break are making driving hazardous in Auckland and Northland and it advises people extreme care is needed on the regions’ state highways and roads... More>>

ALSO:

Houses (& Tobacco) Lead Inflation: CPI Up 0.3% In March Quarter

The consumers price index (CPI) rose 0.3 percent in the March 2014 quarter, Statistics New Zealand said today. Higher tobacco and housing prices were partly countered by seasonally cheaper international air fares, vegetables, and package holidays. More>>

ALSO:

Notoriously Reliable Predictions: Budget To Show Rise In Full-Time Income To 2018: English

This year’s Budget will forecast wage increases through to 2018 amounting to a $10,500 a year increase in average full time earnings over six years to $62,200 a year, says Finance Minister Bill English in a speech urging voters not to “put all of this at risk” by changing the government. More>>

ALSO:

Prices Up, Volume Down: March NZ House Sales Drop 10% As Loan Curbs Bite

New Zealand house sales dropped 10 percent in March from a year earlier as the Reserve Bank’s restrictions on low-equity mortgages continue to weigh on sales of cheaper property. More>>

ALSO:

Scoop Business: Chorus To Appeal Copper Pricing Judgment

Chorus will appeal a High Court ruling upholding the Commerce Commission’s determination setting the regulated prices on the telecommunications network operator’s copper lines. More>>

ALSO:

Earlier:

Cars: Precautionary Recalls Announced For Toyota Vehicles

Toyota advises that a number of its New Zealand vehicles are affected by a series of precautionary global recalls. Toyota New Zealand General Manager Customer Services Spencer Morris stressed that the recalls are precautionary. More>>

ALSO:

'Gardening Club': Air Freight Cartel Nets Almost $12 Million In Penalties

The High Court in Auckland has today ordered Swiss company Kuehne + Nagel International AG to pay a penalty of $3.1 million plus costs for breaches of the Commerce Act. Kuehne + Nagel’s penalty brings the total penalties ordered in this case to $11.95 million ... More>>

ALSO:

Crown Accounts: Revenue Below Projections

Core Crown tax revenue has increased by $1.9 billion (or 5.0%) compared to the same time last year. However this was $1.1 billion less than expected and is reflected across most tax types, continuing the pattern of recent months. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news