Summary of Chief Executive's presentation to the Annual Shareholder Meeting held in Dunedin on 23 August 2012
- The roll out of Cxbladder in the USA and commissioning of purpose built laboratory testing centre in Hershey, Pennsylvania proceeding on schedule and to budget.
- Interest in Cxbladder from urologists, general practitioners and medical specialists attending GPCME (GP Continuing Medical Education) conferences in North Island in June and the South Island in August
- American Journal of Urology has published the peer reviewed science paper of the results of the international multicentre Cxbladder clinical study.
- Cxbladder launched in Australia by licensed partner Healthscope
- Cxbladder is on-track to launch in Spain and Portugal later this year with licensed partner, Oryzon
The last 12 months had been momentous for Pacific Edge Limited and the roll out of its first diagnostic cancer test, Cxbladder Chief Executive David Darling told the annual shareholders meeting in Dunedin on 23 August 2012.
"Over the next 12-18 months Pacific Edge will continue with the transformation from research operation to a world-leading cancer molecular diagnostics company providing high performance cancer detection tools to aid clinicians in the detection and management of cancers."
With the recent appointment of Jackie Walker as the CEO of the wholly owned subsidiary Pacific Edge Diagnostics USA, the company had gained an executive with global experience with large corporates and start-ups in the life sciences and medical device industry. Leading the US business, Jackie is now putting place a team with the sales and marketing experience to roll-out Cxbladder to urologists, health services providers, health service funders and insurers in the US.
"Using funds from the successful capital raise undertaken last year, the business in the United States is on schedule and running to budget. The purpose built testing laboratory being commissioned at Hershey, Pennsylvania is at a key location on the eastern seaboard, with 58 million people within a 90 minute radius. The laboratory is also close to a hub of one of the largest courier operators in the USA."
During the last year, Pacific Edge licensed Healthscope Pathology in Australia to market Cxbladder there. Healthscope's laboratory completed the adoption and validation of Pacific Edge's Cxbladder technology in February 2012. The laboratory is now underway with the commercial analysis of Cxbladder tests for Australian urologists.
In Spain and Portugal, which have the fourth highest incidence of bladder cancer in the world, Oryzon, a leading molecular diagnostic testing organisation, is marketing Cxbladder. Oryzon's laboratory is expected to begin commercial analysis later this year.
"In New Zealand, the interest from the medical profession in Cxbladder, a simple-to-use and non-invasive test for patients presenting with hematuria (a prime indicator of bladder cancer), is very strong." Pacific Edge introduced Cxbladder to GPs, urologists and other specialists at the recent GP Continuing Medical Education conferences in Rotorua earlier this year and in Dunedin in the last month.
"Urologists, General Practitioners and other medical specialists quickly understood that their patients would readily provide a simple urine sample rather than undergo the invasive, uncomfortable procedures and that this test provides valuable information for them to help with their clinical needs in detecting and managing haematuria and bladder cancer."
Appreciation of Cxbladder's potential is growing steadily since publication in the American Journal of Urology in July, online (and in the September print edition) of the results of the Cxbladder clinical study.
"Cxbladder is now being discussed on blog websites used by patients with bladder cancer where a common theme is their concern at having to undergo the regular invasive check-ups that they currently endure. The patients see Cxbladder as an option for themselves and are lobbying urologists to incorporate it in their programme."
Cxbladder continues on its schedule to launch in March 2013 in the United States, the largest market for medical applications.