Dunedin-based cancer diagnostic company Pacific Edge has raised 95% - or $15 million of $16 million sought - to swell its United States expansion coffers to $20.1 million.
Pacific Edge had earlier raised $5.1 million in late-July from a share placement before offering a 3:7 rights issue at 19c per share garnering $11.4 million. This combined with a later shortfall book build totalled $15 million. Since beginning development a decade ago, and being listed for the past seven years, more than $14 million has been spent on research and development.
Pacific Edge has said it wanted funding of at least $10 million, with $4.5 million required for a certified laboratory in the US, $7.5 million for US staff recruitment and $8 million set aside for operational costs.
Pacific Edge wants to deliver its Cxbladder product in a US laboratory, which comes under federal regulatory standards which apply to all clinical laboratory testing performed on humans in the US.
The Cxbladder product is a quick, non-invasive test measuring the activity of five genes from a small sample of urine to accurately diagnose bladder cancer.
In its financial report for the year ended March, Pacific Edge booked an after-tax loss of $3.12 million, compared with a loss the year before of $2.52 million. Its six-monthly report is due late this month.
