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

 

Half Full: Dairy Payouts Steady, Cash Will Be Tight

Industry body DairyNZ is advising farmers to focus on strong cashflow management as they look ahead to the 2015-16 season following Fonterra's half-year results announcement today. More>>

ALSO:

First Union: Cotton On Plans To Use “Tea Break” Law

“The Prime Minister reassured New Zealanders that ‘post the passing of this law, will you all of a sudden find thousands of workers who are denied having a tea break? The answer is absolutely not’... Cotton On is proposing to remove tea and meal breaks for workers in its safety sensitive distribution centre. How long before other major chains try and follow suit?” More>>

ALSO:

Scoop Business: NZ-Korea FTA Signed Amid Spying, Lost Sovereignty Claims

A long-awaited free trade agreement between New Zealand and South Korea has been signed in Seoul by Prime Minister John Key and the Korean president, Park Geun-hye. More>>

ALSO:

PM Visit: NZ And Viet Nam Agree Ambitious Trade Target

New Zealand and Viet Nam have agreed an ambitious target of doubling two-way goods and service trade to around $2.2 billion by 2020, Prime Minister John Key has announced. More>>

ALSO:

Scoop Business: NZ Economy Grows 0.8% In Fourth Quarter

The New Zealand economy expanded in the fourth quarter as tourists drove growth in retailing and accommodation, and property sales increased demand for real estate services. More>>

ALSO:

Scoop Business: RBNZ’s Wheeler Keeps OCR On Hold, No Rate Hikes Ahead

The Reserve Bank has removed the prospect of future interest rate hikes from its forecast horizon as a strong kiwi dollar and cheap oil hold down inflation, and the central bank ponders whether to lower its assessment of where “neutral” interest rates should be. The kiwi dollar gained. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news