$3m grant for Pacific Edge R&D

David Darling.
David Darling.
Dunedin cancer diagnostics company Pacific Edge is to receive a grant of up to $3million from Callaghan Innovation for further research and development into its suite of bladder cancer products.

Pacific Edge received a $4.5 million Callaghan grant in early 2014, spread over three years, and the latest grant will be spread over two years.

Pacific Edge's chief executive David Darling said R&D investment was a major focus for the company and the growth grant money would be used alongside its own investment.

During the past two years Pacific Edge had commercialised three products, Cxbladder Triage, Cxbladder Monitor and Cxbladder Resolve, and it is firmly focused on expanding its beach head operations in the US.

Having secured several high-profile US provider contracts with large health organisations, numbering millions of potential patients, it is now up to the thousands of US urologists to switch to Cxbladder products.

After raising $55 million between 2013 and 2015 from shareholders, Pacific Edge ended last financial year with $24 million cash in hand, which by mid-February had dwindled to $9 million.

Pacific Edge had since gone back to shareholders and raised $8 million in a share placement.

Pacific Edge's three bladder cancer products have been released in the US, with a fourth test just released in New Zealand, all of which offer fast, non-invasive and accurate testing at several levels of patient care.

simon.hartley@odt.co.nz

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