17 Oct 2013

Major breakthrough for NZ cancer diagnostic company in US

7:02 am on 17 October 2013

trading years.

The NZX listed cancer diagnostic company Pacific Edge has signed a deal in the United States that it says is significant in helping it reach its target of $100 million in annual sales in America within five

trading years.

Pacific Edge's share price jumped 34% to 67 cents on Wednesday on the news it has signed an agreement with FedMed to make Cxbladder available to an additional 40 million Americans.

Cxbladder enables doctors to detect cancers of the bladder from a small urine sample.

Pacific Edge chief executive officer David Darling says the agreement provides FedMed's contracted insurance carriers with access to Cxbladder.

He says it's great to see commercial traction and the recognition should go to the company's workers in the US who are pushing hard commercially.

Mr Darling says negotiations are underway with other provider networks and insurers as well as integrated health systems, Medicare and Medicaid.

He says currently more than $1 billion a year is being spent in the US investigating bladder cancer, and Pacific Edge remains confident of reaching its annual target of revenues of $100 million from Cxbladder sales within five trading years.