Callaghan Innovation Growth Grant for Pacific Edge
Cancer diagnostics company, Pacific Edge Limited (NZX: PEB) is pleased to advise that it has received an additional grant of up to $3 million to its existing Growth Grant from Callaghan Innovation to enable further research and development of its leading edge cancer diagnostics technology.
Pacific Edge received an initial grant of $4.5 million in February 2014, with funding spread over three years. The grant has been successfully utilised by Pacific Edge to underwrite the development of its suite of Cxbladder products. During the term of the grant Pacific Edge completed and commercialised three products, Cxbladder Triage, Cxbladder Monitor and Cxbladder Resolve. Review by Callaghan Innovation has resulted in the allocation of up to a further $3 million to be spread over two years.
Pacific Edge’s non-invasive, cost effective and easy-to-use, urine-based cancer detection and management tests provide clinicians with accurate data and enhance early detection and timely management of patients.
Since the initial grant was awarded, Pacific Edge has developed and launched three new products in its suite of Cxbladder bladder cancer diagnostics tests, in addition to its original test. All of the four tests address different clinical needs throughout the bladder cancer detection and management pathways - from investigation of haematuria (blood in the urine) through to the management of patients who have the disease and are being regularly monitored in the clinic for recurrence of urothelial cancer.
CEO of Pacific Edge, David Darling, said: “Investment into research and development is a major focus for Pacific Edge and we are continually looking at how we can provide better and more targeted diagnostic tools for clinicians and their patients. The Growth Grant supplements Pacific Edge’s own investment into R&D and will enable us to bring new innovations through into new products and product improvements, for the benefit of both clinicians and patients alike.”