- Release Date: 28/11/13 16:23
- Summary: RIGHT: PEB: Pacific Edge shareholder rights offer closes
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PEB 28/11/2013 14:23 RIGHT REL: 1423 HRS Pacific Edge Limited RIGHT: PEB: Pacific Edge shareholder rights offer closes 28 November 2013 Pacific Edge shareholder rights offer closes Pacific Edge's 2 for 15 pro rata renounceable rights offer of new Pacific Edge shares ("New Shares") closed yesterday. The offer sought to raise approximately $20.5 million. Valid acceptances were received (including under the Oversubscription Facility) in respect of approximately 52.5 million New Shares (approximately $28.9 million). Pacific Edge Chief Executive Officer David Darling says shareholders clearly understand the potential of the Company's highly effective bladder cancer diagnostic technology, Cxbladder, now being made commercially available in the United States, Australia and New Zealand. "Revenues are starting to progress as we penetrate those markets," David Darling says. "Many of our shareholders have consistently supported the Company through the research and product development phases and are now stepping up to make sure that the commercialisation programme has the resources to achieve the target of $100 million of annual revenue from Cxbladder within five years of commercial trading." The success of the offer provides Pacific Edge with the funding to deliver further products to the market and to step up the rate of implementation and rollout of its US sales force to target integrated healthcare providers and urology groups. Agreements have been signed in recent weeks with three national provider networks making Cxbladder available to a significant number of Americans. "The endorsement of these agencies provides a clear commercial process linking providers and payers and signals to clinicians across the United States the availability of Cxbladder," David Darling says. "Cxbladder and its positive benefits as a quick, cost effective, non-invasive and highly accurate cancer detection test are particularly appealing to healthcare professionals, patients, and insurers alike in the US. Those attributes are now being recognised by clinicians and District Health Boards in New Zealand who see Cxbladder as offering significant clinical and patient benefits over the alternative of cytology." Cxbladder is also being made available to clinicians in Australia by leading healthcare provider Healthscope and in 2014 is expected to be marketed by Oryzon to clinicians in Spain, which is the country with one of the highest incidences of bladder cancer in the world. Under the terms of the pro rata renounceable rights offer a total of 2.0 million New Shares were available for subscription in the Oversubscription Facility. Valid applications were received for 17.2 million New Shares under the Oversubscription Facility. Accordingly Pacific Edge will not offer any New Shares for sale under a shortfall bookbuild. Eligible Shareholders who subscribed for New Shares under the Oversubscription Facility will be allocated the lesser of: a. The number of additional New Shares applied for under the Oversubscription Facility; and b. The number of additional New Shares applied for under the Oversubscription Facility, scaled in proportion to their Entitlement. New Shares taken up under the entitlement offer are expected to be issued, and commence trading on the NZX, on 4 December 2013. For more information contact: David Darling Chief Executive Officer Pacific Edge Ltd P: +64 (3) 479 5800 ABOUT PACIFIC EDGE Pacific Edge Limited (NZX: PEB) is a New Zealand based cancer diagnostic company specialising in the discovery and commercialisation of diagnostic and prognostic technology for the early detection and monitoring of cancer. Products in development and in clinical trials are accurate and simple to use genomic and proteomic tools for the earlier detection, improved characterisation and better management of gastric, bladder, colorectal cancers and melanoma. The company has recently completed and released its first product for the detection of bladder cancer, Cxbladder, and is actively marketing the product to urologists in New Zealand, Australia and soon to be Spain and the US. www.pacificedge.co.nz ABOUT PACIFIC EDGE DIAGNOSTICS Pacific Edge takes its exciting cancer detection tests to market through its wholly owned subsidiaries, Pacific Edge Diagnostics NZ Ltd and Pacific Edge Diagnostics USA Ltd, and selected commercial partners in Australia and Spain, Healthscope and Oryzon respectively. www.pacificedgedx.com ABOUT Cxbladder Cxbladder is a proprietary, accurate molecular diagnostic test that enables the non-invasive detection of bladder cancer from a small volume of urine. It provides general practitioners and urologists with a quick, cost effective and accurate measure of the presence of the cancer, and provides urologists with the opportunity to reduce their reliance on the need for invasive tests such as cystoscopy. The recently published, Journal of Urology in September 2012, multi-centre international clinical study recruited 485 patients from Australia and New Zealand. Results show that Cxbladder out-performed all of the benchmark technologies in the clinical trial and detected nearly all of the tumours of concern to a urologist; At a performance of 82% sensitivity and 85% specificity the test sees 100% of T1, 100% of T2, 100% of T3, 100% of Tis and 100% of upper urinary tract cancers as well as greater than 95% of high grade tumours. www.cxbladder.com ABOUT BLADDER CANCER Globally, bladder cancer has the 9th highest incidence and the 4th highest incidence for men. One of the early symptoms of bladder cancer is the presence of blood in the urine, haematuria. People with haematuria often present to their general practitioner before being referred on to a urologist. There are a number of 'at risk' occupations that have shown a much higher incidence of bladder cancer. Fire fighters and fire control officers have shown in a US study to have a twice the incidence of bladder cancer over non fire fighters. Smoking is a significant contributing factor (over 50% in males and 33% in females, and approximately one of every two new incidences of bladder cancer is linked to smoking). Exposure to certain industrial chemicals or carcinogens increases risks for some occupations e.g. hairdressers, painters, printers, fire fighters and metal workers and chemical engineers. Incidence increases with age so the older you are, the greater the potential for bladder cancer. Bladder cancer has a very high recurrence rate of approximately 50%-70% with up to 30% of these recurring as later stage tumours. This is a higher recurrence than for skin cancer! However, bladder cancers are highly treatable, especially if detected in the early stages. If diagnosed early there is a much higher probability of survival for early stage tumours relative to later stage tumours. This makes timely and regular surveillance and monitoring of this cancer a key element of the clinical process and of the individual's annual healthcare plan. End CA:00244446 For:PEB Type:RIGHT Time:2013-11-28 14:23:52
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