Pacific Edge US lab complete, seeks regulatory approval
BUSINESSDESK: Pacific Edge, the Dunedin-based DNA diagnostic test company, has completed work on its US-based laboratory on schedule and on budget and is now seeking regulatory approval for the building.
The purpose-built laboratory in Hershey, Pennsylvania, cost $US3.7 million and is expected to be fully operational by March 2013. It has to be approved by the Clinical Laboratory Improvement Amendment.
The lab has capacity to do 260,000 tests a year and will be operated by the company's wholly-owned subsidiary, Pacific Edge Diagnostics USA.
"The demanding timetable to launch this business is being met and the focus of the US team led by Jackie Walker is now on completion of the regulatory approvals, sales force deployment and marketing roll-out," chief executive David Darling says.
Pacific Edge shares rose 7.5% at 43 cents today. Last month, the stock was halted by NZX Market Supervision after they jumped to a 13-year high, rising 13% to 34 cents. The shares have gained 100% this year.