Dunedin cancer diagnostic company Pacific Edge Ltd has signalled its intention to list on the Australian Stock Exchange (ASX).
In an announcement to the New Zealand Stock Exchange (NZX) this morning, the company said it would file an application today with the ASX to dual list as a Foreign Exempt Entity.
Pacific Edge first listed on the NZX in 2003 and that would remain its primary listing.
The company, which was founded in Dunedin in 2001, specialises in the discovery and commercialisation of cancer diagnostic and prognostic tests for better detection and management of cancer.
The company's board believed the dual listing on the ASX was a logical progression for the company and a way of accessing a broader pool of institutional and retail investors.
The company remained committed to its loyal New Zealand shareholder base and it was its intention to remain a New Zealand-domiciled 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's NZX share price was trading at around $1.410 this morning, up from $1.340 on Friday.
The ASX has given its approval in principle and Pacific Edge expects to be dual listed by the end of the September.
