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.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Fruitful Endeavours: Kiwifruit Exports Reach Record Levels

In June 2016, kiwifruit exports rose $105 million (47 percent) from June 2015 to reach $331 million, Statistics New Zealand said today. Overall, goods exports rose $109 million (2.6 percent) in June 2016 (to $4.3 billion). More>>

ALSO:

Economic Update: RBNZ Says Rate Cut Seems Likely

The Reserve Bank will likely cut interest rates further as a persistently strong kiwi dollar makes it difficult for the bank to meet its inflation target, it said. The local currency fell. More>>

ALSO:

House Price Action Plan: RBNZ Signals National Lending Restrictions

The central bank wants to cap bank lending to property investors with a deposit of less than 40 percent at 5 percent and restore the 10 percent limit for owner-occupiers wanting to take out a mortgage with a deposit of less than 20 percent, according to a consultation paper released today. More>>

ALSO:

Sparks Fly: Gordon Campbell On China Steel Dumping Allegations

No doubt, officials on the China desk at MFAT have prided themselves on fashioning a niche position for New Zealand right in between the US and China – and leveraging off both of them! Well, as the Aussies would say, of MFAT: tell ‘em they’re dreaming. More>>

ALSO:

Loan Sharks: Finance Companies Found Guilty Of Breaching Fair Trading Act

Finance companies Budget Loans and Evolution Finance, run by former 1980s corporate high-flyer Allan Hawkins, have been found guilty of 106 charges of breaching the Fair Trading Act for misleading 21 borrowers while enforcing loan contracts. More>>

ALSO:

Post Panama Papers: Govt To Adopt Shewan's Foreign Trust Recommendations

The government will adopt all of the recommendations from former PwC chairman John Shewan to increase disclosure and introduce a register for foreign trusts with new legislation to be introduced next month. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news