Pacific Edge shares gain 6.5% on first commercial deal in Singapore
Pacific Edge shares rose 6.5 percent after the cancer diagnostics firm signed its first commercial deal to supply its suite of Cxbladder tests in Singapore.
The stock increased 2.5 cents to 41 cents after the Dunedin-based company said it reached a commercial agreement with a unit of Raffles Medical Group to use the bladder cancer tests in Singapore, the company said in a statement. Under the deal, the Raffles unit will coordinate specimen collection, shipping and reporting of Cxbladder tests for the medical firm's patients in the Asian city.
"We are delighted to work with the prestigious Raffles Medical Group in Singapore and whilst this is a relatively small commercial proposition for Pacific Edge, it offers a significant stepping stone into the Raffles Medical Group across South East Asia," Pacific Edge chief executive David Darling said. "The region remains an exciting proposition for Pacific Edge with approximately 9,500 urologists and an estimated 1.8 million potential tests."
Pacific Edge raised $21.3 million in a discounted rights issue last year, which it said left it flush enough to fund the operation until it starts breaking even in 2019.
The company's international ambitions have rested largely on breaking into the US market, although that's taken longer than expected, and started eyeing Singapore as a gateway to South East Asia in 2015.
Raffles operates in 13 cities across Singapore, China, Japan, Vietnam and Cambodia, and is in the only fully integrated private healthcare operation in Singapore.