Cancer diagnostics company Pacific Edge has undertaken an $8 million share placement to institutional and other select investors in New Zealand in order to shore up its balance sheet.
The placement was undertaken at no discount to market with investors subscribing at 50 cents per share, the trading price on Tuesday.
"While the company has sufficient cash on hand of approximately $9 million for its immediate growth requirements, the new investments provides additional support for Pacific Edge to drive its commercial growth," it said.
Pacific Edge has a range of diagnostic and prognostic tests for better detection and management of bladder cancer, known as Cxbladder tests. The company claims its non-invasive tests are more accurate than other urine-based cancer tests.
The Dunedin-based company said it is generating increasing sales revenue, with a 162 per cent jump in operating revenue in the last financial year. It also noted test throughput is increasing as a greater number of urologists trial and purchase Cxbladder tests.
