Pacific Edge Seeks NZ$24m to Bridge Medicare Gap and Protect Bladder Cancer Test Lead

Pacific Edge Limited ( (NZ:PEB) ) has provided an announcement.

Pacific Edge has launched an equity raising of up to NZ$24 million at NZ$0.170 per share, comprising an NZ$18 million institutional placement and a NZ$6 million retail offer, to bolster its balance sheet and fund its push to regain Medicare coverage and reimbursement for its bladder cancer diagnostics. The offer coincides with preliminary FY26 figures showing operating revenue almost halving to NZ$11.5 million after Medicare stopped reimbursing Cxbladder, a 21.4% drop in U.S. laboratory test volumes, tighter cost controls that cut average second-half cash burn to NZ$2.4 million a month, and an increased net loss of NZ$35.7 million as cash reserves fell to NZ$7.8 million.

The capital raise is designed to carry the business through a critical period as it awaits a draft Local Coverage Determination from Medicare contractor Novitas that could restore coverage for Cxbladder Triage and potentially Triage Plus, distinguish hematuria evaluation from oncology genetic testing, and support claim-by-claim reimbursement. Management argues that a favourable Medicare decision would reduce cash burn, unlock wider adoption by commercial insurers, and reinforce Pacific Edge’s self-described first-mover leadership in bladder cancer diagnostics, with directors signalling confidence by committing to participate in the non-underwritten placement and retail offer.

More about Pacific Edge Limited

Pacific Edge Limited is a cancer diagnostics company listed on the NZX and ASX that specialises in bladder cancer testing using urine-based biomarkers, including its Cxbladder suite such as Triage and Triage Plus. The company focuses heavily on the U.S. market, where securing and maintaining Medicare and commercial payer coverage is critical to driving laboratory test volumes and revenue growth.

YTD Price Performance: -5.95%

Average Trading Volume: 618,809

Technical Sentiment Signal: Hold

Current Market Cap: N$177.9M

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