Dunedin cancer diagnostic and prognostic company Pacific Edge Biotechnology, on the verge of releasing its first product, has announced a $1.9 million loss for the year to March 31.
That was almost identical to the $1.88 million loss a year earlier but better than the budgeted loss of $2.3 million.
Chairman Chris Swann said in a statement that clinical trials of its bladder cancer diagnostic product were about to begin in New Zealand hospitals and private clinics.
A successful outcome would provide a commercial product which would be launched in Europe and the United States.
"The clinical trial follows a period of extensive validation of the candidate biomarkers that form the test, that is designed to test the robustness of the assay by examining urine samples collected from patients with a variety of complicating circumstances."
Recruiting of patients would begin over the next 12 months and Mr Swann said the trial analysis was expected in the first half of 2009.
Pebl was focusing attention on products closest to commercialisation, and Mr Swann said two other products were under development, a melanoma prognostic product and another to diagnose gastric cancer.
After extensive research, a prototype of five biomarkers have been identified to detect gastric cancer by a blood test.
Pebl was seeking a patent for its discovery and would follow that up with further validation then clinical trials.
Mr Swann said gastric cancer was a major issue in Japan and Korea, which had national screening programs for people aged over 40.
"Pacific Edge Biotechnology has been working with several companies in Japan that have a strong interest in commercialising a new and effective diagnostic tool for gastric cancer."
Last year Pebl raised $5.2 million in a special share purchase plan to existing shareholders and the issue of new shares to habitual investors.
