Dunedin-based cancer diagnostic company Pacific Edge is
to receive $4.5 million in government grants towards research
and development over the next three years.
Pacific Edge's bladder diagnostic tool Cx-bladder is marketed
in New Zealand, Australia, the US and soon Europe, and the
listed Dunedin company holds patents for diagnostic and
prognostic tests across a range of cancers, including
colorectal, gastric and melanoma.
Pacific Edge chief operations officer Jimmy Suttie said the
Government's Callaghan Innovation Fund recognised the ability
of Pacific Edge to turn scientific discovery into products
which brought real benefits.
''This funding will provide additional resources to
accelerate the development of a range of cancer detection
tests, including further non-invasive bladder cancer tests
under the brand of Cx-bladder,'' Mr Suttie said.
Companies must spend an annual minimum of $300,000 on
research and development and committing at least 1.5% of
revenue on research and development, to have one-fifth
contributed by the fund.
Pacific Edge's chief executive David Darling said the growth
grant would supplement the company's own research and product
development budget, and would lead to employing more staff at
its Dunedin headquarters and research facility.
The $4.5 million would equate to Pacific Edge spending $22.5
million over the next three years, plus eligibility on review
for another two years' funding.