Pacific Edge, which makes and markets bladder cancer tests, said its first half loss was unchanged from the year earlier period as increased revenues were channelled into development and marketing of its products, in line with its plans. The shares jumped to a seven-week high.
The Dunedin-based company posted a net loss of $4.73 million in the six months ended Sept. 30, little changed from the loss of $4.76 million in the year earlier period, it said in a statement. Total revenue soared to $1.6 million from $183,000 a year earlier. While the company didn't break out its expenses, the cashflow statement showed its net outflow of cash widened to $5.9 million, from $4 million a year earlier as its payments to suppliers and employees increased 49 percent to $6.4 million.
Pacific Edge increased its US sales executive team to 12 from four through August and September this year as it seeks to expand the geographic reach of its bladder cancer detection text Cxbladder which it launched in the US in mid-2013. The company is targeting large urology groups and urologists in high density, large urban centres across the US as part of its goal to generate $100 million in gross revenue in the country after five full years of trading.
"This step up for the company is in line with our forecasts," said chief executive David Darling. "It clearly marks our successful transition to an international commercial organisation.
"We now have an established commercial footprint in New Zealand, Australia and the US and are currently identifying other market opportunities, including in South East Asia, which has large and medically sophisticated populations."
