Pacific Edge, which is banking on successfully commercialising its Cxbladder urine testing product, widened its first-half loss as it ramps up spending to set up its business in the US.
The Dunedin-based company made a loss of $3.2 million, or 1.2 cents per share, in the six months ended September 30, from $1.7 million, or 0.9 cents, a year earlier, it says in a statement.
Revenue climbed 29% to $325,000, though just $11,000 of that came from external customers.
"The majority of this net loss is the investment in the company's setting up of business in the US, clinical trials, product development and intellectual property as it is expensed," it says.
"The company is investing significant funds in the set-up and running of the commercial laboratory and the development of the US strategy in this financial year."
The shares fell 2.2% to 44 cents, having surged 137% this year. That values the company at $122.7 million.
Pacific Edge hopes to successfully bring its urine sampling system to market, having won clinical confirmation the Cxbladder is at least as effective as other methods from the American Journal of Urology.
The local company says that could be worth up to $100 million in five years.
Last month, the company completed its US lab in Pennsylvania and is waiting on regulatory approval to use the building.
This article is tagged with the following keywords. Find out more about MyNBR Tags
- Where polls stand on the eve of the first US presidential debate
- Milford fund manager faces 10 causes of action
- Sky will take a gamble and put Westworld, aka 'the next Game of Thrones' on Neon
- Warminger stood to gain significant bonus, court hears
- Spark says 130,000 Xtra mail address at risk after Yahoo hack
Most listened to
- FMA counsel Justin Smith QC described Mr Warminger’s background and the pressure he was under to perform
- Media Snapchat: NBR’s Nick Grant ponders the Human Rights Commission’s role in RHOAKL racism row
- ASB's Jane Turner discusses what's behind NZ's widest month trade deficit
- Kathmandu's Xavier Simonet and Reuben Casey talk through the retailer's results.
- BNZ's Kymberly Martin and Massey University's David Tripe on mortgage rates.