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

 

Court Ruling: Kiwifruit NZ Ordered To Consider Collaborative Marketing Proposals

The High Court has told kiwifruit marketer Zespri to reconsider collaborative marketing proposals from Splice Fruit and Seeka Kiwifruit to sell fruit offshore that its board had previously rejected. More>>

ALSO:

Electric Vehicles: No Road User Charges Feature In Govt Package

Drivers of electric vehicles won't have to pay road user charges and will be allowed to drive in bus lanes as part of a new government plan to double EV numbers annually to a target 64,000 by 2021. More>>

ALSO:

Pre-Budget: Computer Emergency Response Team, Assemble!

John Key told the country's first ever Cyber Security Summit in Auckland that the government had earmarked funding set up a national Computer Emergency Response Team to help prevent and act on cyber incidents in partnership with the private sector and other organisations. More>>

ALSO:

Job Cutter Goes: Mark Weldon To Step Down As MediaWorks CEO

“When I joined MediaWorks in August 2014, I had a mandate to lead a significant change programme to bring the business back from receivership into a position where it could once again be a strong competitor in the market, with a sound and sustainable future. It was a big brief, laden with inherent challenges, but I took it in good faith and have dedicated myself fully to the goal since." More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news