Pacific Edge cancer diagnostic company has as expected posted a half-year trading loss, of $4.97 million yesterday, having the day previously clinched almost $29 million in additional funding from its shareholders.
Between layers of red ink, chairman Chris Swann said in a market statement yesterday the company is was preparing to launch two new products in 2014; understood to be variations on its bladder cancer detection test, Cx-bladder.
Its stock has gained more than 250% in value in recent weeks, to trade above $1.50, the announcement yesterday seeing the share price flicker down just 1c to $1.48.
Mr Swann said during the next six months the company expected to deliver an acceleration of its sales force becoming larger, more contractual relationships in the United States and a ''steady increase'' in the use of Cx-bladder in all target markets''The company is investing significant funds in the ramping up of the commercial programme in the US and the development of new products in this financial year,'' Mr Swann said.
Revenue for the half year was down from $325,000 a year ago to $183,000, with losses attributed to setting up in the US, clinical trials, product development and intellectual property costs.
Dunedin-based Pacific Edge has developed a non-invasive bladder cancer test, with huge potential in the US market, where it has achieved regulatory approval and made agreements with health networks servicing 60 million.
Yesterday's half-year $4.97 million loss was up 53% on last year's $3.24 million loss, and brought total losses since its 2003 listing to $39.4 million.
