Wednesday, October 20, 2021

Dunedin medical diagnosis firm ready for ASX listing

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The bladder diagnosis company Pacific Edge is listing on the ASX with a capital raise of up to $80 million to develop growth opportunities.

Photo: AFP

The Dunedin-based cancer diagnostics company will be listed on the Australian stock market on Monday, and was conducting a capital raise consisting of a placement of $60m to institutional investors and a retail offer of up to $20m.

“Pacific Edge is conducting an equity raise to capitalise on recent commercial milestones and execute and accelerate its growth strategy in markets of scale,” the company said in a statement to the market.

“Pacific Edge has a well defined growth strategy and its primary focus remains to grow the adoption of multiple Cxbladder products by an increasing number of large scale institutional accounts in each of the company’s targeted markets.”

It said the majority of the funds will be used to accelerate growth in the United States and develop business in Southeast Asia, as well as product development.

The company is a trading halt while the placement to large investors gets underway.

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