22 Oct 2013

Pacific Edge signs up US diagnostic provider

1:26 pm on 22 October 2013

Shares in cancer diagnostic company Pacific Edge jumped more than 16% on Tuesday morning to $0.85 after signing its second American health network in a week.

The NZX-listed company says it has signed America's Choice Provider Network to provide more than 14 million Americans with access to its bladder test (Cxbladder).

Doctors can use the test to detect bladder cancer from a small urine sample rather than the invasive and expensive diagnostic techniques currently in use.

Pacific Edge says the US will spend about $1 billion testing more than 1 million people this year.

Last week, Pacific Edge announced its first commercial sales in the US as well as signing its first US health network, FedMed, which provides health services to 40 million people.

Chief executive David Darling says the agreements with the two networks are key elements of its commercial roll-out of Cxbladder in America.

The company's marketing team is also working on signing other key providers including Medicare and Medicaid, the Veterans' Administration and large urology groups to use the bladder test.

Pacific Edge is aiming for $100 million in annual sales in America within five years.