In an announcement to the NZX yesterday morning, the company said it was going to file an application to list on the ASX as a foreign exempt entity yesterday.
Pacific Edge first listed on the NZX in 2003 and that would remain its primary listing.
The company specialises in the discovery and commercialisation of cancer diagnostic and prognostic tests for better detection and management of cancer.
The company remained committed to its loyal New Zealand shareholder base and it intended to remain a New Zealand-based business, chairman Chris Gallaher said.
"We are now seeing the value of our long-term strategy, with accelerating revenue growth as adoption of our Cxbladder products and test volumes grows.
"The board believes that listing on the ASX is a way, over time, of accessing a broader pool of specialist international healthcare, institutional and retail investors, whilst providing a stronger share trading environment with greater liquidity and the potential for ASX index inclusion, for the benefit of all shareholders," Mr Gallaher said.
Pacific Edge chief executive David Darling told the Otago Daily Times following the announcement yesterday that listing on the ASX was a "logical progression" for the company.
It was an opportunity to broaden the shareholder base and provide liquidity to existing shareholders, he said.
"The company has looked at where we are trading today and who is on our register and made the decision it would be appropriate to do just that and enhance the company by applying for a dual listing," Mr Darling said.
One of the company’s key goals was to grow its presence in the Australian market off the back of its success in the New Zealand one.
Its 2021 annual report said Australian customers had continued their user programmes during the 2021 financial year, post-Covid-19, with the expectation that on successful conclusion, they will progress to commercial customers.
Its major market remained the United States.
Listing on the ASX had not been a focus for the company and it was a "coming of age" decision, Mr Darling said.
"Our success has not gone unnoticed by the Australian investor base, which it is a deep and rich base and is very valuable to growth companies.
"Australian shareholders can buy our shares more easily with a listing on the ASX, they can still buy them now through the NZX but it makes it easier for them to buy them on ASX paper," he said.
News of the dual listing saw the company’s NZX share price increase to $1.40, up 4.48% on Friday’s close.
The ASX has given its approval in principle and Pacific Edge expects to be dual-listed by the end of September.
