One of listed Pacific Edge's long-term and largest shareholders has sold 3.6% of his stake in the cancer diagnostic company, after its shares hit record high last week.
Pacific Edge shares have gained more than 280% since listing, briefly hitting 79c last week, which propelled the company's market capitalisation to beyond $200 million.
Peter Masfen, through the P.H. Masfen Charitable Trust, notified the market yesterday he had sold 10 million shares, his stake declining from 8.9% to 5.4%, for $6.5 million.
Pacific Edge this week gained crucial United States regulatory approval to begin operating its new $4.5 million laboratory in the US, which it hopes will supply hundreds of urologists across the country with its patented, non-invasive bladder test, Cxbladder.
The lab is designed with the capacity to eventually deliver more than quarter of a million tests annually.
Mr Masfen bought 7.51 million Pacific Edge shares in a 2011 rights issue for 19c each. He sold the 10 million shares for 65c each. Pacific Edge has 278 million shares on issue.
