Pacific Edge demonstrates significant achievements

Media Release 30 November 2010

Pacific Edge demonstrates significant achievements in past half year

Dunedin-based biomedical company Pacific Edge today advises significant achievements during the past half-year. These include the development of a diagnostic laboratory and the launch of the bladder cancer detection test for urologists and physicians in Australia and New Zealand.

Chief Executive Officer, David Darling says the company has also successfully completed a fundraising round with existing shareholders.

“A total of NZ $ 4.7 million was raised in this half year which will enable the commercial roll-out of the bladder technology, bring the colorectal cancer prognostic product to the market, advance the other products in the pipeline and to manage the intellectual property portfolio,” he says.

“Pacific Edge has now moved into a commercialisation phase. The bladder cancer detection test and the company’s colorectal cancer prognostic gene signature have both successfully completed clinical trials and validation studies over the past 12 months in Australia, New Zealand and Europe. This has enabled us to move forward with some greater certainty in providing commercial products to the market.”

Pacific Edge’s commercialisation strategy will be to develop and run diagnostic laboratories in selected geographies initially offering the bladder cancer detection technology and then adding the colorectal cancer prognostic product. Negotiations with investors and business partners continue for the development of centralised service laboratories and ‘turn-key’ licensees in Europe and the US.

Given Pacific Edge’s significant investment in clinical trials, research and product development and intellectual property, the company has recorded a net loss of $1,398,456 for the half year ended 30 September 2010. This compares to a budgeted loss of $1,449,398 for the half-year end, and a recorded net loss of $1,415,425 for the half year ended 30 September 2009. The majority of this net loss is expensed.

In addition to specialising in the development and commercialisation of diagnostics and prognostics for cancer, Pacific Edge is also actively working on the research and development of gastric cancer, endometrial cancer and melanoma products.

ENDS

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