Latest news with #Cxbladder
Otago Daily Times
5 hours ago
- Business
- Otago Daily Times
Pacific Edge raises $16m in share sale
Pacific Edge has raised $16 million in new equity in a placement of new ordinary shares — $1m more than it sought — after accepting over-subscriptions. On Friday, the cancer diagnostics company announced a $20m capital raise, saying it was about ensuring it had the cash reserves to capitalise on recent clinical and commercial milestones, grow in non-Medicare channels in the United States and regain Medicare coverage of its tests. It comprised a placement of $15m of new ordinary shares offered to selected investors and an offer of $5m of new shares to retail investors, by way of a share-purchase plan. The share issue was priced at $0.10 per share. Yesterday, the company said the placement — which was well-supported by existing shareholders — was completed on Friday and was subject to shareholder approval. It was now targeting the opening of a $5m offer to eligible retail investors at the same per share offer price in July or early August, with the ability to accept oversubscriptions. In a statement to the NZX, chairman Chris Gallaher said the company was delighted with the investor support it had received. The inclusion of Cxbladder in the American Urological Association's (AUA) new microhematuria guideline in February was significant and had allowed the company to view the non-coverage determination differently. "We are leveraging the important AUA guideline to build on the commercial momentum we have already established, including our plans to regain Medicare coverage," he said. Medicare coverage of the company's tests ceased after the Local Coverage Determination (LCD) became effective on April 24. In a note on Pacific Edge's FY25 financial result also released on Friday, Forsyth Barr analysts described it as "relatively uneventful". Revenue was consistent with the firm's expectations and costs were slightly higher than expected. Despite Pacific Edge being adamant for some time it had sufficient cash resources to navigate the LCD uncertainty, the analysts were not surprised by the capital raise. It was the company's 11th equity raise since 2003 — cumulative raises totalled more than $260m — which would take its share count to more than 1billion from just under 10million in 2004. Post-raise, its cash balance would be about $38m ($22.6 million at FY25) and the analysts estimated that was 16 to 18 months of cash on hand. "While this is a supportive lifeline, even in the event of [Medicare] recoverage, we aren't convinced this is the last of PEB's raises," they said. s
Scoop
3 days ago
- Business
- Scoop
Pacific Edge Reports Resilient Performance In FY25
Press Release – Pacific Edge Pacific Edge also announces a NZ$20 million equity raising to capitalize on recent clinical and commercial milestones, grow in non-Medicare channels and regain Medicare coverage. The details of the capital raising are covered in a separate announcement … AUDITED FINANCIAL RESULTS FOR THE YEAR TO 31 MARCH 2025 30 May 2025 Pacific Edge today reports a resilient financial result for the year to the end of March 2025. Improvements in the performance of the sales force, operating efficiencies and cash collection gains over the financial year have positioned the company well as it works towards regaining Medicare coverage of its tests. Pacific Edge today also announces a NZ$20 million equity raising to capitalize on recent clinical and commercial milestones, grow in non-Medicare channels and regain Medicare coverage. The details of the capital raising are covered in a separate announcement to the NZX and ASX today. FY25 FINANCIAL PERFORMANCE2 Operating revenue down 8.6% on FY 24 to $21.8 million, reflecting Medicare uncertainty. Total revenue is down 16% on FY 24 to $24.6 million Total laboratory throughput3 (TLT) of Cxbladder tests fell 11.5% on FY 24 to 28,894; commercial tests fell 9.9% on FY 24 to 26,42 tests Tests/Sales FTE in the US for Q4 25 were reported at 405.6, up 6.4% on Q4 24; ASP4 for all commercial tests in the US increases to US$594 in FY 25 vs US$584 in FY 24 as operating efficiencies and cash collection gains continue to improve Strong performance from the Southern California Permanente Medical Group, increased APAC volume and sustained sales force efficiencies reduce the impact of Medicare uncertainty and the reduced sales team reach Net loss after tax +1.4% on FY 24 to $29.9 million, 2H 25 net loss +6.4% on 1H 25 led by increased expenditure on clinical research, Triage Plus commercialization and legal fees Cash, cash equivalents and short-term deposits of $22.6 million at the end of FY25; cash burn of $13.4 million in 2H 25 down 6.7% on 1H 25 FY 25 STRATEGIC PERFORMANCE Cxbladder Triage included in the American Urological Association (AUA) guidelines with a 'Grade A' evidence rating, the only biomarker to achieve this status Triage Plus achieves a draft Medicare price of US$1,018.44, a significant premium to the current US$760 per test; full scale commercial launch is now contingent on re-coverage Medicare coverage discontinued following Genetic Tests for Oncology (Specific Tests) (L39365) becoming effective after balance date (24 April 2025); Pacific Edge is now focused on regaining coverage for Triage and Monitor and obtaining coverage and launch of new products Triage Plus and Monitor Plus Commercial team focused on profitable territories, non-Medicare revenue streams and selling the clinical and economic value of Cxbladder; Cxbladder Detect discontinued FY25 Climate Disclosures released in compliance with NZCS NOTE: PEB HAS RELEASED THIS UPDATE TO THE NZX AND ASX AS PER LISTING RULES [1] 1 PEB has released the information contained in this update to the NZX and ASX as it regards it to be material, as defined in the NZX Listing Rules and Section 231 of the FMC Act. 2 All comparisons are to the same period of the prior financial year unless otherwise stated. 3 Total Laboratory Throughput (TLT) includes commercial, pre-commercial and clinical studies testing. 4 ASP: US Average Sales Price (US Operating Revenue in USD / US Commercial Test Volumes)
Scoop
4 days ago
- Business
- Scoop
Pacific Edge Reports Resilient Performance In FY25
AUDITED FINANCIAL RESULTS FOR THE YEAR TO 31 MARCH 2025 30 May 2025 Pacific Edge today reports a resilient financial result for the year to the end of March 2025. Improvements in the performance of the sales force, operating efficiencies and cash collection gains over the financial year have positioned the company well as it works towards regaining Medicare coverage of its tests. Pacific Edge today also announces a NZ$20 million equity raising to capitalize on recent clinical and commercial milestones, grow in non-Medicare channels and regain Medicare coverage. The details of the capital raising are covered in a separate announcement to the NZX and ASX today. FY25 FINANCIAL PERFORMANCE2 Operating revenue down 8.6% on FY 24 to $21.8 million, reflecting Medicare uncertainty. Total revenue is down 16% on FY 24 to $24.6 million Total laboratory throughput3 (TLT) of Cxbladder tests fell 11.5% on FY 24 to 28,894; commercial tests fell 9.9% on FY 24 to 26,42 tests Tests/Sales FTE in the US for Q4 25 were reported at 405.6, up 6.4% on Q4 24; ASP4 for all commercial tests in the US increases to US$594 in FY 25 vs US$584 in FY 24 as operating efficiencies and cash collection gains continue to improve Strong performance from the Southern California Permanente Medical Group, increased APAC volume and sustained sales force efficiencies reduce the impact of Medicare uncertainty and the reduced sales team reach Net loss after tax +1.4% on FY 24 to $29.9 million, 2H 25 net loss +6.4% on 1H 25 led by increased expenditure on clinical research, Triage Plus commercialization and legal fees Cash, cash equivalents and short-term deposits of $22.6 million at the end of FY25; cash burn of $13.4 million in 2H 25 down 6.7% on 1H 25 FY 25 STRATEGIC PERFORMANCE Cxbladder Triage included in the American Urological Association (AUA) guidelines with a 'Grade A' evidence rating, the only biomarker to achieve this status Triage Plus achieves a draft Medicare price of US$1,018.44, a significant premium to the current US$760 per test; full scale commercial launch is now contingent on re-coverage Medicare coverage discontinued following Genetic Tests for Oncology (Specific Tests) (L39365) becoming effective after balance date (24 April 2025); Pacific Edge is now focused on regaining coverage for Triage and Monitor and obtaining coverage and launch of new products Triage Plus and Monitor Plus Commercial team focused on profitable territories, non-Medicare revenue streams and selling the clinical and economic value of Cxbladder; Cxbladder Detect discontinued FY25 Climate Disclosures released in compliance with NZCS NOTE: PEB HAS RELEASED THIS UPDATE TO THE NZX AND ASX AS PER LISTING RULES [1] 1 PEB has released the information contained in this update to the NZX and ASX as it regards it to be material, as defined in the NZX Listing Rules and Section 231 of the FMC Act. 2 All comparisons are to the same period of the prior financial year unless otherwise stated. 3 Total Laboratory Throughput (TLT) includes commercial, pre-commercial and clinical studies testing. 4 ASP: US Average Sales Price (US Operating Revenue in USD / US Commercial Test Volumes)
National Business Review
5 days ago
- Business
- National Business Review
‘We're not bashing our heads on the wall': Pacific Edge CEO
'We're not bashing on head on the wall,' said Peter Meintjes, CEO of listed cancer diagnostics company Pacific Edge which is in a trading halt until Tuesday after announcing a $20 million capital raise. He's referring to the company seeking recoverage of its Cxbladder detection tests
NZ Herald
5 days ago
- Business
- NZ Herald
Pacific Edge launches $20m capital raise
Pacific Edge has announced a $20 million capital raise, in part to allow it to operate for a year without United States Medicare reimbursement of its tests. The medtech company's non-invasive Cxbladder tests detect bladder cancer by analysing a urine sample for specific genetic markers. Pacific Edge is
