Pacific Edge Trading Halt
Pacific Edge has applied for and been granted a trading halt over its shares on the NZX and ASX.
The trading halt will remain in place until the earlier of the commencement of trading on Wednesday 7 June 2023 or the release of an announcement addressing the finalization over the weekend of a Local Coverage Determination (LCD) detailing the proposed ceasing of reimbursement of Cxbladder by Medicare in the US.
The LCD from Novitas, the Medicare Administrative Contractor (MAC) with jurisdiction for Pacific Edge’s US laboratory, notes Cxbladder tests Triage, Detect, Monitor, Resolve and Detect+ are ‘not considered medically reasonable and necessary’, the threshold required for coverage under the US Social Security Act.
Pacific Edge requested, and was granted, the trading halts on the NZX and ASX to provide the Company time to better understand the implications of the LCD, and consult with our US legal advisors and other industry participants, before providing an update to all stakeholders.
Pacific Edge expects to provide the announcement before trading opens on Wednesday 7 June 2023 and will host a conference call on the announcement at 11am. Conference call details below:
Webcast link: www.virtualmeeting.co.nz/pebjun23
Phone participation: NZ: 0800 449 170 / AUS: 1800 896 574