Pacific (NZX:PEB): How is the Company doing post ASX listing?

Highlights

• Pacific Edge continued with growth momentum in Q2 FY22.
• The Company dual-listed on the ASX in September 2021 and announced equity raise to fund its growth strategy.
• The Group wants to increase the adoption of multiple Cxbladder products.

Pacific Edge Limited (NZX:PEB) focuses on the development and commercialisation of molecular diagnostic tests that address concerns in the discovery and management of cancer. The Group’s Cxbladder suite of diagnostic tests provide actionable results and better detection of urothelial cancer.

Image source: © 2021 Kalkine Media, Data source- EODHD/Others

The Group is witnessing positive impetus in the second quarter of FY22, as seen in FY21 and Q1 of FY22, with continued growth in both test numbers and cash receipts. This comes despite the continuing impact from COVID-19 and the recent acceleration of the Delta variant.

ASX listing and Capital Raise

Pacific Edge dual-listed on the ASX in September 2021 and began trading its shares on 27 September. Simultaneously, the Group also conducted an equity raise to capitalise on recent commercial objectives and fast-track its growth strategy.

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The initial placement was very well subscribed by existing and focused new Australian and international investors and was successively upsized from $60 million to $80 million due to strong demand.

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The ASX listing and equity raising will benefit the Company and shareholders in accelerating growth in PEB’s key US market, developing and growing the commercial process in Southeast Asia, getting access to a wider pool of healthcare and other investors, increasing liquidity, and providing a chance for further analyst coverage.

In Q2 FY22, the adoption of Cxbladder products has continued to expand by public healthcare providers in NZ, with Northland and Taranaki DHBs extending coverage for their populations.

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The Group also announced the recognition of a pivotal clinic paper for publication that summarises the substantial rise in a clinical resolution that can be attained from using multiple Cxbladder products in the assessment of a patient with haematuria. It was the first time that clinical benefits of this integration of Cxbladder products have been validated.

On 28 October, PEB ended the trading session at $1.44, up 0.7% from its previous close.

Bottom Line

The primary focus of PEB is to grow the acceptance of multiple Cxbladder products by a growing number of large-scale institutional accounts in each of the company’s targeted markets. The Group is making positive progress on its strategic initiatives.

(NOTE: Currency is reported in NZ Dollar unless stated otherwise)