Pacific Edge shares jump after ‘Cxbladder’ coverage

Shares in Pacific Edge rose sharply after the company said its “Cxbladder” cancer diagnostic tests were now covered by United Healthcare, America’s biggest healthcare insurer.

The Nzx-listed cancer diagnostics company said Cxbladder was now being covered as a “medically necessary bladder tumour marker test”, under United Healthcare’s Molecular Pathology/molecular Diagnostics/genetic Testing (Medicare Advantage) — Medical Policy.

The stock last traded at $1.30, up 31c or 31.3 per cent on Thursday’s close.

United Healthcare has more than 50 million members, with more than 5.7 million Medicare Advantage members.

In 2019, United Health Group had a 14.1 per cent share of the US health insurance market, with direct premiums written amounting to about US$107 billion.

The organisation partners with 6500 hospitals and care facilities nationwide, and more than 1.3 million physicians and other providers.

Including the positive-coverage decision issued by the Centres for Medicare and Medicaid Services (CMS) in 2020, more than 110 million Americans now had coverage of Cxbladder non-invasive, highly accurate tests for the detection and management of urothelial and bladder cancer, Pacific Edge said.

Chief executive David Darling said coverage with the insurer was significant.

“This positive coverage decision reflects the validation that comes from independent published clinical evidence, inclusion in guidelines and coverage with other providers such as the CMS.”