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Ann: RIGHT: PEB: Pacific Edge shareholder rights

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    • Release Date: 28/11/13 16:23
    • Summary: RIGHT: PEB: Pacific Edge shareholder rights offer closes
    • Price Sensitive: No
    • Download Document  6.93KB
    					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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