Announcement
ALLOT: PEB: Pacific Edge raises $ 5.2 million in NZ Market
05:35pm
PEB
19/02/2008
ALLOT
REL: 1735 HRS Pacific Edge Biotechnology Limited
ALLOT: PEB: Pacific Edge raises $ 5.2 million in NZ Market
Pacific Edge successfully raises $ 5.2 million in the NZ market
Pacific Edge, (PEB), has successfully completed a $5.2 million dollar round
of fund raising to carry the company through to the launch of the Company's
first product on the market. The company has targeted these funds for the
next 18 months to enable the completion of the clinical trial for its bladder
cancer assay, its colorectal cancer trial and to bring forward several of the
company's late stage products currently in development. The Company could
reasonably expect to see revenues closely following the successful completion
of the bladder clinical trial in 12 months time.
This is an exciting time for the Company to see its vision of more accurate
and less invasive tests for the early detection and monitoring of cancer so
close to the market. Strong progress in the last 12 months for each of our
core product development programs has brought the market proposition closer.
Our bladder cancer urine test has undergone further improvements to increase
its ease of use in diagnostic laboratories. We have also begun work on adding
additional features that we hope to incorporate into later versions of the
test; in particular, we will be developing markers that predict the risk of
disease recurrence.
Currently the tests for bladder cancer are of poor accuracy and can be
invasive. This new test from PEB provides a significant increase in accuracy
and is non-invasive. The test requires only 2 mls of urine and is
unprecedented in providing, from the analysis of four genes in the urine,
clinicians with specific information on the presence of a bladder tumour and
also identifies how advanced the tumour is. These product advantages are a
significant step change in the detection and monitoring capability for
bladder cancer.
The Company's clinical trial program for this new assay for the early
detection of bladder cancer is underway with planning and logistics
completed. Patient recruitment for the trial will begin in the next few weeks
in Christchurch and Tauranga with other sites to follow. On completion of the
clinical trial the Company is looking for a rapid release to the Australasian
market followed by the US and Europe. The Company is already seeking leading
urologists in Australasia to participate in the early use of this test and is
in discussion with a leading diagnostic platform company to take the product
to market in the US. The gastric cancer serum test development has also
advanced well. We are now testing our markers on serum samples from patients
with gastric cancer using an 'antibody chip' approach. Once this testing is
complete we will be ready to finalise the details of the test with the
intention of initiating clinical trials in 2008. The colorectal cancer
prognostic test is scheduled to enter a retrospective clinical study in
Europe in the next few months, under the supervision of our partner,
Signature Diagnostics, in Germany. The melanoma test, predicting the
aggressiveness of stage III melanoma, is currently being validated at the
Ludwig Institute in Melbourne on an independent set of samples. An
independent review, in November 07, of the market place for in-vitro
diagnostics for cancer outlines there is a rampantly growing market for
molecular diagnostics for cancer that is anticipated to total US $ 9.8
billion by 2016.
Pacific Edge Biotechnology is a medical diagnostics company based New
Zealand. The Company is engaged in the development and commercialisation of
diagnostics and prognostic assays for cancers. It has developed proprietary
tools for the early detection and improved management of cancers. Pacific
Edge is traded on the NZX Stock Exchange under the stock code PEB and can be
found on the web at www.peblnz.com or contact David Darling on +64 3 479 5802
NOTICE OF CHANGE IN ISSUED CAPITAL STOCK - ORDINARY SHARES
Pursuant to Listing Rule 7.12.1
Company: Pacific Edge Biotechnology Limited
ISIN NZPEBE0002S1
Date: 19 February 2008
Date of Issue: 12 February 2008
Issued Capital Prior To Issue
Previous Issued Capital - Listed 86,366,837
Shares Issued
Fully Paid 14,247,728
Issued Capital Subsequent To Issue
Total Issued Capital 100,614,565
Class Of Security Issued
Ordinary
Issue Price
13.7 Cents
Percentage Issued
100%
Terms of Issue
Shares rank pari passu with existing Ordinary Shares.
Reason: Direct Investment- raising funds for the Company's product
development and clinical trials.
End CA:00160703 For:PEB Type:ALLOT Time:2008-02-19:17:35:07
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