Pacific Edge shares jump

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 closed at $1.30, up 21c or 21.1 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.”

PEDUSA, Pacific Edge’s US business, has been expanding its US sales team to deliver on the growth opportunities available to Cxbladder. These specialist salespeople will now be working closely with urologists associated with United Healthcare to encourage and support them in their use of our Cxbladder products, the company says.

Pacific Edge was one of the market’s strongest performers in 2020 — with its share price climbing by 780 per cent.