Pacific Edge Attracts Growth Capital at Market Premium
Pacific Edge is pleased to announce that it has accepted an investment offer of $22 million from ANZ New Zealand Investments, New Zealand’s largest manager of 3rd party money with NZ $33 billion funds under management.
Pacific Edge will issue 33,846,154 shares (in aggregate) to ANZ New Zealand Investments at NZ$0.65 per ordinary share, being a 14% premium over the VWAP for the 5 day trading period prior to and including 23rd of July 2020.
Pacific Edge owns world leading molecular diagnostics tests for the detection and management of urothelial cancer (including bladder cancer). The investment from ANZ New Zealand Investments follows the achievement of significant commercial milestones by Pacific Edge in the USA, including coverage under a Local Coverage Determination (LCD) which enables reimbursement for all Cxbladder tests performed for patients covered by the Centers for Medicare and Medicaid Services (CMS) across the USA, at the national CMS price for Cxbladder of US$760 per test.
In addition, Cxbladder is being adopted for commercial use by a growing number of urologists and large healthcare organisations in its target markets, including Kaiser Permanente, one of the largest healthcare providers in the USA.
Pacific Edge is the only company in the world which has a suite of molecular diagnostic tests in bladder cancer that addresses different needs throughout the diagnostic and treatment pathway - from investigation of haematuria (blood in the urine) through to the management of patients who have the disease and who are coming back to the clinic for evaluation of the recurrence of the disease. Pacific Edge is focused on positioning its highly accurate, non-invasive and cost effective Cxbladder technology as the preferred diagnostic tool for clinicians and urologists, and is seeing increasing demand and uptake from both private and public healthcare providers.
The additional growth capital will expand Pacific Edge’s commercial activities in its key target markets and will allow the company to scale-up the business quickly and efficiently to support the expected increase in demand for Cxbladder.
Chairman of Pacific Edge, Chris Gallaher, said: "The investment from ANZ New Zealand Investments adds further depth to the Company’s share register and is a reflection of the growing investor interest in Pacific Edge following our recent achievement of two major commercial milestones in the USA. The suite of Cxbladder products are rapidly being accepted as an alternative to many of the traditional testing options for bladder cancer. This additional growth capital will accelerate our commercial progress and allows us to execute on our future growth opportunities, therefore adding value for all shareholders.”« Back