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

 

Scoop Business: RBNZ Starts Talks On Tougher Rules For Property Speculators

The Reserve Bank of New Zealand is stepping up preparations to restrict lending to residential property investors as it watches house prices, particularly in Auckland, continue to rise strongly. More>>

ALSO:

Research: ‘Ageing Well’ Science Challenge Launched

Science and Innovation Minister Steven Joyce today launched the Ageing Well National Science Challenge, confirming initial funding of $14.6 million. More>>

ALSO:

Scoop Business: Govt Resisting Pressure To Pump More Cash Into Solid Energy

Prime Minister John Key says it is “not the government’s preferred option” to make a fresh capital injection into the troubled state-owned coal miner, Solid Energy, but dodged journalists’ questions at his weekly press conference on whether that might prove necessary... More>>

ALSO:

Lagest Ever Privacy Breach Award: NZCU Baywide Accepts “Severe” Censure In Cake Case

NZCU Baywide says that once it was found to have committed a breach of a former staff member’s privacy, it had attempted to resolve the matter... the censure and remedies for its actions taken almost three years ago are “severe” but accepted, and will hopefully draw a line under the matter. More>>

ALSO:

Scoop Business: PayPal Stops Processing Mega Payments; NZX Listing Still On

PayPal has ceased processing payments for Mega, the file storage and encryption firm looking to join the New Zealand stock market via a reverse listing of TRS Investments, amid claims it is not a legitimate cloud storage service. More>>

ALSO:

Housing Policy: Auckland Densification As Popular As Ebola, English Says

Finance Minister Bill English said calls by the Reserve Bank Governor for more densification in Auckland’s housing were “about as popular in parts of Auckland as Ebola” would be. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news