23 Oct 2013

Pacific Edge share price surges 47%

7:47 am on 23 October 2013

Pacific Edge shares soared more than 47% on Tuesday after the company signed its second American health network in a week.

The company's share price has more than doubled from 50 cents to $1.06 in the past week on the positive news coming out on its gains in the United States, including its first commercial sales there.

The market is now valuing Pacific Edge at $297 million compared with $140 million a week ago.

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

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

Pacific Edge says the United States will spend about $1 billion on bladder cancer tests on more than one million people this year.

Chief executive David Darling says it is an exciting time for his company, which listed on the stock exchange in 2003.

Harbour Asset Management managing director Andrew Bascand says two large US insurers signing up to use the Cxbladder test is a fair indication of its likely commercial success.