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


Pacific Edge shares gain 4% on fourth US deal

Pacific Edge shares gain 4% on fourth US deal

By Suze Metherell

May. 26 (BusinessDesk) - Shares in Pacific Edge gained 4 percent after the biotech company said it had signed a deal with US healthcare provider MultiPlan for the use of its non-invasive bladder cancer test, Cxbladder.

The contract is the largest of the four US healthcare provider Pacific Edge has signed up since October last year, with MultiPlan a preferred provider organisation securing cheaper health rates for insurers for more than 900,000 healthcare providers covering an estimated 68 million people. Its previous three deals covered 62.6 million people.

“Our sales and marketing teams are now focussed on the urologists and clinicians who are treating the largest number of bladder cancer patients to ensure they fully understand the value and benefits that Cxbladder provides to them and their patients” Jackie Walker, chief executive of subsidiary Pacific Edge Diagnostics USA, said in a statement.

It is also "advancing" its relationship with state funded insurer, Centre for Medicare and Medicaid Services, which could potentially give it access to a third of the US population, Walker said.

Pacific Edge shares rose 4 cents to $1.03 in early trading. The stock gained 150 percent last year on news of its US deals, and raised some $20 million to drive sales. Since its March debut on the NZX 50 Index the shares have dropped 58 percent amid a global sell off of growth-orientated tech stocks.

The non-invasive bladder cancer test was adopted by New Zealand district health boards earlier this year.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Trade & Retail: Chinese Disaster Spells Quiet Season For NZ Fireworks Sales

In August, two massive explosions at a warehouse at the port in the port of Tianjin, Northern China, killing more than a hundred people and devastating large areas of the city. In the wake of the disaster, Chinese authorities rushed to regulate the distribution of all dangerous goods... More>>



Oceans: NOAA Declares Third Ever Global Coral Bleaching Event

As record ocean temperatures cause widespread coral bleaching across Hawaii, NOAA scientists confirm the same stressful conditions are expanding to the Caribbean and may last into the new year, prompting the declaration of the third global coral bleaching event ever on record. More>>

Scoop Business: A Decade Of Government Pre-Seed Investment

More publicly-funded science is being commercialised after a decade of government ‘pre-see’d investment, according to an independent review. More>>


Solid Energy: Plan To Shut Unprofitable Huntly East Mine

Solid Energy, the state-owned coal miner in voluntary administration, plans to shut down its unprofitable Huntly East mine and lay off 65 staff after deciding the site stands "no chance whatsoever" of finding a buyer. More>>


E Tū: Merger Creates NZ's Biggest Private Sector Union

E tū has been created by the merger of the Engineering, Printing and Manufacturing Union and Service and Food Workers’ Union. It represents more than 50,000 working New Zealanders in industries as diverse as aviation, construction, journalism, food manufacturing, mining and cleaning. More>>


Internet: NZ Govt Lifts Target Speeds For Rural Broadband

The government has lifted its expectations on faster broadband speeds for rural New Zealand as it targets increased spending on research and development in the country's information and communications technology sector, which it sees as a key driver for export growth. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news