- Release Date: 14/08/15 09:07
- Summary: MEETING: PEB: Pacific Edge 2015 Annual Meeting Results
- Price Sensitive: No
- Download Document 7.19KB
PEB 14/08/2015 09:07 MEETING NOT PRICE SENSITIVE REL: 0907 HRS Pacific Edge Limited MEETING: PEB: Pacific Edge 2015 Annual Meeting Results 14 August 2015 PACIFIC EDGE 2015 ANNUAL MEETING RESULTS Pacific Edge held its Annual Meeting in Dunedin on 13 August 2015 with the Chairman and the CEO updating shareholders on the company's positive performance in the financial year to date and confirming that Pacific Edge remained on track to achieve its goal of $100 million in gross revenue by its fifth full year of trading. Chairman Chris Swann said: "Our high growth strategy is firmly in place and we are now starting to see some good traction from our long term investment. We are building the scale of our business by creating more products and driving sales of our novel Cxbladder tests in an increasing number of markets." "The USA is our primary market and offers a massive opportunity for our company, with millions of potential test opportunities. We are making good inroads in the USA and although it is still early days, we have some exciting initiatives now in place which could be transformational." Chief Executive Officer, David Darling, provided shareholders with an update on Pacific Edge's progress against its stated objectives for FY16. "We remain firmly focused on high growth and are already making excellent progress on our well considered plan of action for the year. "Ongoing investment is being made into increasing the size of Pacific Edge's USA sales team as we continue to build our footprint in this significant market. "User Programmes, where urologists can trial Pacific Edge's products in their own clinical setting, are an important part of the company's sales strategy. A significant User Programmer with Kaiser Permanente, one of the USA's largest not for profit health insurers and providers, is now underway and following this, we will be looking to transition them into a commercial customer in 2016. "Discussions are progressing with the Centre for Medicare and Medicaid Services and Pacific Edge is now one step further along in its application to be added to the Federal Supply Schedule, which provides access to the millions of patients served by the Veteran's Administration. These are both large scale organisations which could be transformational customers for our company. "We are also finalising our business case for entry into South East Asia and have launched a User Programme with the prestigious Tan Tock Seng hospital in Singapore. There are two distinct segments of interest in South East Asia: Firstly, patients requiring testing and management for bladder cancer, in the same way as our other markets. Secondly and more unique to South East Asia, is the rapidly growing number of medical tourists who come to the region for regular wellness and medical checkups, where our Cxbladder tests could be a part of a variety of tests offered to patients seeking an annual wellness regime. "Product development is continuing with the launch of Pacific Edge's second Cxbladder product, Cxbladder Triage, in the USA in July 2015. Commercial laboratory processing is expected to commence in October. In line with this, the company has received CLIA approval for the commercial processing of US based patient samples for this new test for its Dunedin laboratory and expects to have approval for its Hershey based laboratories by October. "A further two products are in the pipeline and we are on track to deliver our third product to the market later this year. Pacific Edge is now one of only a handful of companies globally who have multiple, bespoke, molecular diagnostic tests in the market. "The final objective for 2016 is to engage with the people that matter - those suffering from bladder cancer and their families. Pacific Edge is proud to be the leading sponsor of an online patient community site, bladdercancer.me, which provides online, relevant resources for bladder cancer patients including peer support, access to appropriate healthcare providers and symptom tracking." David Darling concluded by saying growth was expected to pick up pace over the next year as efforts in the USA were expanded and the company continued to build towards its goal of generating $100 million of gross revenue. A copy of the annual meeting presentation and speeches is available on the company website. Shareholders voted in favour of all resolutions at the 2015 Annual Meeting. Resolution Re-election of Mr Anatole Masfen - Passed Re-election of Mr Bryan Williams - Passed Authorise Directors to fix the auditors' remuneration - Passed Pursuant to NZX Main Board Listing Rule 3.3.2, Pacific Edge has determined that the following directors are independent, as defined in Listing Rule 1.6.1 Chris Swann (Independent Chairman) David Band Charles Sitch Bryan Williams The following directors are not Independent Directors due to a Disqualifying Relationship as defined in Listing Rule 1.6.1: David Darling: An executive of Pacific Edge Anatole Masfen: An Associated Person of a Substantial Security Holder of the Company ENDS For more information contact: David Darling Chief Executive Officer Pacific Edge Ltd P: +64 (3) 479 5800 GENERAL OVERVIEW www.pacificedge.co.nz www.pacificedgedx.com Pacific Edge Limited (NZX: PEB) is a New Zealand publicly listed, cancer diagnostic company specialising in the discovery and commercialisation of diagnostic and prognostic tests for better detection and monitoring of cancer. The company is developing and commercialising its range of Cxbladder bladder cancer tests globally through its wholly owned central laboratories in New Zealand and the USA. The company's products have been tested and validated in international multi-centre clinical studies. PRODUCTS Pacific Edge has two proprietary, novel, accurate, molecular diagnostic products in-market providing more accurate, and better detection and management of urothelial cancer. Cxbladder Detect is available through the company's dedicated CLIA certified laboratories for customers in New Zealand, Australia and the USA. Cxbladder Triage is available in New Zealand and Australia and will launch in the USA in 2015. ABOUT Cxbladder Triage www.cxbladder.com Cxbladder Triage combines the power of the genomic biomarkers with extra phenotypic and clinical risk factors to accurately identify and remove patients with haematuria who have a low probability of bladder cancer, from requiring a full-urological work-up. Cxbladder Triage is a tool for use by clinicians and physicians in primary evaluation and is intended to reduce of the number of patients needing an expensive and invasive work-up for urothelial cancer. ABOUT Cxbladder Detect www.cxbladder.com Cxbladder Detect enables the non-invasive detection of bladder and other urinary tract cancers from a small volume of a patients' urine. Cxbladder Detect was launched in 2013 in the USA and is commercially available in New Zealand, Australia and the USA as a Laboratory Developed Test (LDT) from the company's CLIA certified laboratories. Cxbladder Detect provides physicians and clinicians with a quick, cost effective and accurate measure of the presence of the cancer as an effective adjunct to cystoscopy. Refer to www.cxbladder.com for more information. End CA:00268418 For:PEB Type:MEETING Time:2015-08-14 09:07:48
Add to My Watchlist
What is My Watchlist?
