Biomedical company Pacific Edge announced today that patents for its gastric cancer detection technology have been accepted in Europe, Australia and New Zealand, adding to is diagnostic patent bank.
The shares rose 4.2 per cent, to 25 cents, on the news.
The Dunedin-based company said the announcement was notable given the strict conditions stipulated by the European patent office, and reflected the "strong science" behind its products.
The latest patents join those already issued for detection of bladder cancer and colorectal cancer in New Zealand.
"We anticipate that we will have patents issued in other targeted countries over the next 12 to 24 months," said chief executive David Darling. "These new technologies we are now commercialising enable early detection and better management of cancer and are expected to provide significant opportunities for the company, globally".
Pacific Edge said the market for cancer detection was growing rapidly, with gastric cancer one of the most common forms in the world with an estimated 934,000 new cases diagnosed around the world annually.
The company is looking to tap the molecular diagnostic sub-component of the market, which it believes is expected to grow by $2.8 billion by 2014.
The announcement comes after the firm tapped the market for $20m in September to fund the commercialisation of the Cxbladder test, a non-invasive diagnostic product used to detect bladder cancer.
The company said the product has so far been launched in Australia and New Zealand, with an imminent launch in Spain, and the completion of laboratory in the US to commercialise Cxbladder in the world's biggest economy.
PEB shares have gained 42.9 per cent so far this year.
source: stuff.co.nz
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