Pacific Edge to join top 50

DUNEDIN cancer diagnostics company Pacific Edge is set to be included on the S&P/NZX 50 indices once again.

The company announced to the stock market it would move up into the top 50 companies category next Wednesday.

It will also be added to the NZX MidCap indices and removed from the NZX SmallCap index.

“This is another positive step for Pacific Edge as we build on the commercial milestones we have successfully achieved, particularly in the multibilliondollar United States market,’’ Pacific Edge chairman Chris Gallaher said.

‘‘Index inclusion will increase our relevancy to New Zealand and offshore investors and there are . . . funds that are mandated to hold stock of those companies that are in the NZX50.’’

It was a rewarding outcome for the company’s loyal shareholders, Mr Gallaher said.

Pacific Edge replaces Metlifecare, which is being removed from the NZX 50, subject to the Asia Pacific Village Group Limited’s acquisition of that company being approved in court.

Shares in Pacific Edge doubled in price in July after it gained approval from United States regulators to get reimbursement from US health insurers for its Cxbladder cancer diagnostic tests.

That included reimbursement for all Cxbladder tests performed for patients covered by the Centres for Medicare and Medicaid Services (CMS) across the US, at the already determined national CMS price for Cxbladder of $US760 ($NZ1162) per test.

CMS provides healthcare coverage for all US citizens over 65 years old, as well as assistance for coverage to people with low incomes.

CMS tests made up about 40% of Pacific Edge’s commercial tests in the US and it said it would also seek to negotiate reimbursement for tests that had been completed and invoiced for. — Additional reporting