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

 


FY14 Marks Significant Commercial Milestone for Pacific Edge

Full commentary: PEPRELIMCOMMENTARYFINALNZXANNOUNCE27May14.pdf
Announcement: PEPRELIMRESULTSFINALNZXANNOUNCE27May14.pdf

FY14 Marks Significant Commercial Milestone for Pacific Edge

The 2014 Financial Year marked a significant commercial milestone for Pacific Edge as the Company celebrated the start of revenue generation in its primary market, the USA, alongside a strong year of market development and customer capture.

Pacific Edge, which develops and markets molecular diagnostic tests, primarily for the detection of bladder cancer, commercially launched its first bladder cancer product, Cxbladderc in the US market in July 2013. This diagnostic test allows urologists to evaluate patients who present to their clinic with hematuria (blood in the urine) for bladder cancer.

The USA is the world’s largest biomedical market, and has 10,500 urologists evaluating in excess of 1 million people with hematuria and investing in excess of US$1 billion in the evaluation of those patients annually. Pacific Edge has conservatively estimated that this market could provide the Company with the opportunity to develop $100 million in gross revenue at the completion of its fifth full year of trading.

Over the last 18 months, Pacific Edge has made a significant investment in the growth of the business and its entry into the American market. The Company has achieved a very rapid commercial rollout of Cxbladder in the USA, building its own laboratory, gaining regulatory approval, establishing a sales force and launching Cxbladder. All of these steps were completed on time, to specification and within budget.

For the 2014 Financial Year Ended 31 March 2014, Pacific Edge recorded a Total Comprehensive Loss after tax of $9.38 million (FY13: $6.95 million), in line with budgeted expectations. The Company reported its first substantial trading revenue and whilst still only a small number, this is a strong lift despite the short period of selling in the American market. The majority of the Net Loss is the significant investment the Company has made in the growth of the business; setting up and roll out of business in the USA, clinical trials and User Program’s with new customers, further product development and management of intellectual property1.

Chairman of Pacific Edge, Chris Swann, said: “During the year it has been affirmed to us that our product, Cxbladder, is in strong demand as an accurate tool for the detection of bladder cancer.

“Evaluating hematuria in American patients for bladder cancer is a significant market of scale and could be worth up to $100 million in gross revenue for our Company in five years’ time. It takes time to develop competency and recognition in the market and to begin establishing the relationships with our customers at a commercial level.

We have been delighted to see the first steps of our revenue generation since the appointment of sales staff in the USA in July 2013 and we are confident the momentum of the extensive commercialisation program, to familiarise the urology clinicians in the US health system with the significant benefits of Cxbladder, will accelerate sales in FY15.”

“Whilst the New Zealand and Australian markets are important to us from a product development and commercialisation process perspective, it is the scale and accessibility of the American market that is paramount to the success of the Company.”

Full commentary: PEPRELIMCOMMENTARYFINALNZXANNOUNCE27May14.pdf
Announcement: PEPRELIMRESULTSFINALNZXANNOUNCE27May14.pdf

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Sky City : Auckland Convention Centre Cost Jumps By A Fifth

SkyCity Entertainment Group, the casino and hotel operator, is in talks with the government on how to fund the increased cost of as much as $130 million to build an international convention centre in downtown Auckland, with further gambling concessions ruled out. The Auckland-based company has increased its estimate to build the centre to between $470 million and $530 million as the construction boom across the country drives up building costs and design changes add to the bill.
More>>

ALSO:

RMTU: Mediation Between Lyttelton Port And Union Fails

The Rail and Maritime Union (RMTU) has opted to continue its overtime ban indefinitely after mediation with the Lyttelton Port of Christchurch (LPC) failed to progress collective bargaining. More>>

Earlier:

Science Policy: Callaghan, NSC Funding Knocked In Submissions

Callaghan Innovation, which was last year allocated a budget of $566 million over four years to dish out research and development grants, and the National Science Challenges attracted criticism in submissions on the government’s draft national statement of science investment, with science funding largely seen as too fragmented. More>>

ALSO:

Scoop Business: Spark, Voda And Telstra To Lay New Trans-Tasman Cable

Spark New Zealand and Vodafone, New Zealand’s two dominant telecommunications providers, in partnership with Australian provider Telstra, will spend US$70 million building a trans-Tasman submarine cable to bolster broadband traffic between the neighbouring countries and the rest of the world. More>>

ALSO:

More:

Statistics: Current Account Deficit Widens

New Zealand's annual current account deficit was $6.1 billion (2.6 percent of GDP) for the year ended September 2014. This compares with a deficit of $5.8 billion (2.5 percent of GDP) for the year ended June 2014. More>>

ALSO:

Still In The Red: NZ Govt Shunts Out Surplus To 2016

The New Zealand government has pushed out its targeted return to surplus for a year as falling dairy prices and a low inflation environment has kept a lid on its rising tax take, but is still dangling a possible tax cut in 2017, the next election year and promising to try and achieve the surplus pledge on which it campaigned for election in September. More>>

ALSO:

Job Insecurity: Time For Jobs That Count In The Meat Industry

“Meat Workers face it all”, says Graham Cooke, Meat Workers Union National Secretary. “Seasonal work, dangerous jobs, casual and zero hours contracts, and increasing pressure on workers to join non-union individual agreements. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

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