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
