Pacific Edge US lab completed
Shares in Pacific Edge rose today as it announced it has completed its US$3.7 million (NZ$4.5m) laboratory in the United States on-schedule and within budget.
Pacific Edge is forecasting more than $100m of gross revenues from its US operations in the five years after the new Hershey, Pennsylvania base starts processing in March.
So far the NZX-listed cancer diagnostic company's revenues remain very small and were not disclosed in its year to March 31, 2012 result.
In morning trade Pacific Edge shares were 3 cents or 7.5 per cent higher at 43 cents.
New Zealand chief executive David Darling today said Pacific Edge was now preparing for US registration under the clinical laboratory improvement amendments regulations.
The purpose-built laboratory in Hershey was expected to complete regulatory approval and be fully operational in March 2013 to offer Pacific Edge's bladder cancer diagnostic test.
Pacific Edge is investing in the commercialisation of its Cxbladder product, a diagnostic test for the detection of bladder cancer. It is offering the cancer laboratory test to clinicians throughout the US.
Darling said the laboratory, with a capacity of 260,000 tests a year, would be operated by a wholly owned subsidiary of the company, Pacific Edge Diagnostics USA Limited.
"The demanding timetable to launch this business is being met and the focus of the US team led by Jackie Walker is now on completion of the regulatory approvals, sales force deployment and marketing roll-out."
The US was the world's largest healthcare market, with its 17,000 urologists making it Pacific Edge's most important market, he added.