Pacific Edge awarded Japanese patent for colorectal cancer

Pacific Edge awarded Japanese patent for colorectal
cancer, shares rise

By Suze Metherell

Sept. 25
(BusinessDesk) – Pacific Edge, the medical biotech company,
has been awarded a Japanese patent for its colorectal cancer
screening technology, as the company looks to expand its
range of diagnostic tests internationally. The shares rose
on open.

The Dunedin-based biotech is looking to
commercialise its Cxcolorectal test in Japan, where
colorectal is the nation’s most prevalent cancer, it said in
a statement. The test, which is in the late stages of
development, will detect aggressive cancer in patients who
have already been diagnosed, which means doctors are able to
target the disease with more specific treatment.

The
company’s goal is to grow annual revenues to $100 million in
the coming years. Much of the growth is expected to come
from the US, with its non-invasive bladder cancer test,
Cxbladder Detect, where it is securing healthcare provider
trials. In New Zealand it provides the test through district
health boards, and expects to launch its second product,
Cxbladder Triage, later this year.

“Currently our focus
is on accelerating the roll-out of the company’s first
commercial molecular diagnostic test, Cxbladder Detect, in
the USA, the world’s largest health care market,” chief
executive David Darling said. “We are gaining commercial
traction and as milestones are attained there, the
opportunity to launch the Cxbladder system into other
markets and bring to market further developments of our
intellectual property, such as our colorectal cancer
technology, becomes attractive.”

The Japanese patent comes
after Pacific Edge secured a US patent for a skin cancer
test earlier this month.

Last week, Pacific Edge appointed
former McKinsey & Co consultant Charles Sitch to its board,
to speed up the global commercialisation of its Cxbladder
device. The company has been refreshing its board to help
drive growth in the US, with the resignation of 12-year
director Colin Dawson.

Shares of Pacific Edge opened 4.5
percent higher at 93 cents, and have advanced 26 percent
over the past month. In Feburary the stock touched a record
of $1.76, before falling as low as 65 cents in August, in a
global sell-off of biotech and software stocks when
investors questioned their high valuation to earnings
ratio.

(BusinessDesk)

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Source Article from http://www.scoop.co.nz/stories/BU1409/S00873/pacific-edge-awarded-japanese-patent-for-colorectal-cancer.htm
Pacific Edge awarded Japanese patent for colorectal cancer
http://www.scoop.co.nz/stories/BU1409/S00873/pacific-edge-awarded-japanese-patent-for-colorectal-cancer.htm
http://news.search.yahoo.com/news/rss?p=Japanese%20Test
Japanese Test – Yahoo News Search Results
Japanese Test – Yahoo News Search Results



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