Pacific Edge investor sells 10m shares

Pacific Edge chief executive David Darling. Photo / Otago Daily Times
Pacific Edge chief executive David Darling. Photo / Otago Daily Times

Peter Masfen, a long-term backer of Pacific Edge, has sold 10 million shares in the Dunedin-based bladder cancer detection test inventor, taking advantage of a price that reached a record high this week on progress in the US market.

The PH Masfen Charitable Trust trimmed its holding to 5.4 per cent from the 8.988 per cent stake his interests last disclosed in August 2011. That year he picked up 7.5 million shares in the company's rights issue at 19 cents apiece. Masfen's son Anatole is a company director.

The shares last traded at 74 cents, having reached a record 79 cents on March 12, and have soared 289 per cent from the rights issue price.

The company was set up in 2001, based on exclusive technology licenses from the University of Otago and listed on the NZX in 2002. It first filed patent for its Cxbladder cancer test in 2005.

Pacific Edge this week announced that its Hershey, Pennsylvania laboratory had received CLIA (Clinical Labour Improvement Amendment) registration, allowing it to start using its patented Cxbladder test to diagnose bladder tumours.

The company said turnover in the US could reach $100 million within five years.

- BusinessDesk

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