Dunedin-based Pacific Edge says it has been awarded a patent in Singapore for its colorectal cancer prognostic technology, and anticipates the patent will be issued in other targeted countries in the next 12 to 24 months.
The technology allowed the detection of aggressive cancer in patients already diagnosed with colorectal cancer, the company said.
It was expected to provide clinicians a significantly improved way to determine the aggressiveness of a patient's Stage 2 and Stage 3 colorectal cancer, enabling physicians to provide a more specific treatment following surgery.
The colorectal cancer technology was the company's second commercial product, joining the recently commercially launched bladder cancer detection test Cxbladder.
Pacific Edge said it was seeking to raise $16 million through a renounceable entitlement offer to eligible shareholders. Those funds, together with the proceeds of a completed $5.1m share placement, would be used to commercialise Cxbladder.