Pacific Edge to ramp up European sales
NZX-listed Pacific Edge will ramp up sales in Spain and Portugal for one of its cancer diagnostic tests from the end of the year, following the signing of a licence agreement with a key European company.
Chief executive David Darling said Spanish company Oryzon SA had signed an exclusive licence agreement to market Pacific Edge's Cxbladder - a diagnostic test for the detection of bladder cancer - in Spain and Portugal.
Pacific Edge has moved into an era of commercialisation by processing urine samples to detect the presence of bladder cancer using its CXbladder detection kit.
It is already processing the results of tests taken in New Zealand and Australia at a purpose built diagnostic centre in Dunedin that is due to be officially opened today by Health Minister Tony Ryall.
The company has also said it plans to develop a commercial colorectal cancer prognostic test for the market by the end of 2011.
Under the terms of the Cxbladder product agreement, Oryzon will market and offer laboratory services to urologists and general practitioners for the detection of bladder cancer in Spain and Portugal.
Pacific Edge has also recently signed pathology and healthcare provider Healthscope to provide Cxbladder to urologists and general practitioners in Australia.
The South Island company will provide Cxbladder to New Zealand urologists and GP's through its subsidiary Pacific Edge Diagnostics NZ Ltd, with the Dunedin diagnostic laboratory.
Pacific Edge will also retain the rights to the rest of the world for the commercialisation of Cxbladder.
Under this agreement with Oryzon, Pacific Edge Limited will receive an undisclosed upfront fee as well as royalties and sales milestones for diagnostic tests commercialised by Oryzon using Pacific Edge's technology, Cxbladder.
A fast growing biotechnology and molecular diagnostics company, Oryzon specialises in the discovery and commercialisation of biomarkers and biomarker tests for diagnostic and therapeutic applications, especially in oncology and neurodegenerative diseases.
Source: Stuff.co.nz« Back