Dunedin bio-tech company Pacific Edge has reported an
expected loss of $3.24 million for the half year as it awaits
US regulatory approval to open its just completed $4.5 million
laboratory in Pennsylvania.
Full-year operating losses for the past two years were,
respectively, $4.1 million and $3.6 million.
The half-year loss to September of $3.24 million was slightly
better than the budgeted $3.30 million, but near double the
half-year loss of $1.71 million a year ago.
Shares in Pacific Edge were down slightly after the
announcement at 44c but maintained a market capitalisation
beyond $120 million since the shares had more than doubled in
value from early August.
On the consecutive half-year losses, Pacific Edge chief
executive David Darling said the majority of the net loss was
in setting up the US laboratory, clinical trials,
intellectual property applications and product development.
"The company is investing significant funds in the setup and
running of the commercial laboratory and the development of
the US strategy this financial year," Mr Darling said in a
While having booked total losses of almost $25.6 million
since listing in 2005, it recapitalised by more than $20
million last year, in order to fully develop and market its
non-invasive, diagnostic Cxbladder test.