PEB - Pacific Edge Ltd

[When the bass drops]

Back at 38 cents, high bid is 37 atm. We're looking at the Kaiser, CMS and VA breakthroughs, these are what are important to me. Until then it is an up and down. In saying that, happy to see the DHB's on board.

[drcjp]

FYI. When a clinician is looking to be convinced of a new test -two things matter: independent studies and income preservation (especially in the USA).
PEB seem to suffer on both accounts. First, a check on PubMed reveals positive results published ALL have the CEO and other employee names on them (one even has CEO as lead author!):
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Items: 5

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Select item 295231181.
Clinical utility of a non-invasive urine test for risk assessing patients with no obvious benign cause of hematuria: a physician-patient real world data analysis.
Lough T, Luo Q, Luxmanan C, Anderson A, Suttie J, O'Sullivan P, Darling D.
BMC Urol. 2018 Mar 9;18(1):18. doi: 10.1186/s12894-018-0327-6.

PMID: 29523118 Free PMC Article
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Select item 283419302.
Clinical Utility of Cxbladder for the Diagnosis of Urothelial Carcinoma.
Darling D, Luxmanan C, O'Sullivan P, Lough T, Suttie J.
Adv Ther. 2017 May;34(5):1087-1096. doi: 10.1007/s12325-017-0518-7. Epub 2017 Mar 24.

PMID: 28341930 Free PMC Article
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Select item 283662723.
Clinical comparison of noninvasive urine tests for ruling out recurrent urothelial carcinoma.
Lotan Y, OʼSullivan P, Raman JD, Shariat SF, Kavalieris L, Frampton C, Guilford P, Luxmanan C, Suttie J, Crist H, Scherr D, Asroff S, Goldfischer E, Thill J, Darling D.
Urol Oncol. 2017 Aug;35(8):531.e15-531.e22. doi: 10.1016/j.urolonc.2017.03.008. Epub 2017 Mar 31.

PMID: 28366272 Free Article
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Select item 279865324.
Performance Characteristics of a Multigene Urine Biomarker Test for Monitoring for Recurrent Urothelial Carcinoma in a Multicenter Study.
Kavalieris L, O'Sullivan P, Frampton C, Guilford P, Darling D, Jacobson E, Suttie J, Raman JD, Shariat SF, Lotan Y.
J Urol. 2017 Jun;197(6):1419-1426. doi: 10.1016/j.juro.2016.12.010. Epub 2016 Dec 14.

PMID: 27986532
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Select item 259624445.
A holistic comparative analysis of diagnostic tests for urothelial carcinoma: a study of Cxbladder Detect, UroVysion® FISH, NMP22® and cytology based on imputation of multiple datasets.
Breen V, Kasabov N, Kamat AM, Jacobson E, Suttie JM, O'Sullivan PJ, Kavalieris L, Darling DG.
BMC Med Res Methodol. 2015 May 12;15:45. doi: 10.1186/s12874-015-0036-8.

PMID: 25962444 Free PMC Article
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This is not smart as most clinicians are AUTOMATICALLY TURNED OFF due to perception of non-independence. Even some DHB urologists in NZ are not happy with this.

Second, urologists in the USA make ~$1400 per urology scope. Opposed to $400 per CxBladder (which they won't get much of) then its a very hard sell.

The question is: why then, given the funds that have continually gone into PEB, have they not funded an independent consortium of urologist to compare 3,000 patients using CxBladder vs scope?
THAT is the sort of thing KP would take real note of.

[Balance]

https://horizon-magazine.eu/article/...-cures_en.html

Wonder why PEB never thought about offering its services to this family, before or now?

[minimoke]

Second, urologists in the USA make ~$1400 per urology scope. Opposed to $400 per CxBladder (which they won't get much of) then its a very hard sell.
.

Urologists sound like your average plumber - looking at applying maximum margin on any parts used in fixing the pipes.

[Balance]

Back at 38 cents, high bid is 37 atm. We're looking at the Kaiser, CMS and VA breakthroughs, these are what are important to me. Until then it is an up and down. In saying that, happy to see the DHB's on board.

Another month and sp is down to 32.5c.

And where's the breakthrough? Kaiser - been negotiating since ?. CMS & VA - been submitting since ?

Meanwhile, if CxBladder is so piss hot (as PEB would like you to believe), why are umpteen number of companies and researchers out there still spending time, money and resources to find the elusive urine test?

Is it because the world out there is not aware of CxBladder? Could not possibly be - PEB has spent over $100m already broadcasting to all and sundry.

Or is it because only PEB believes in CxBladder?

[Balance]

Interestingly, a comment by management at the annual meeting was that Kaiser had not initially realised that cxbladder would be as disruptive to their processes as it turned out to be. Hence the possible reason for the drawn out negotiations.

Sp now below the 32c placement to MMC.

Well, it's clear that the NZ$2.622million from Manchester Management Company (MMC) is now gone.

And still no announcement re Kaiser:

Aug 24th 2017 : "Kaiser .... we are now nearing the end of the negotiations on a commercial agreement"

Nov 29th 2017 : "Commercial negotiations are progressing positively with Kaiser Permanente"

April 19th 2018 : "Making good progress"

May 22th 2018 : "The commercial agreement continues to move forward"

Looks to me like the Kaiser deal is dead from Kaiser's point of view but PEB keeps on hoping, along with the shareholders?

[Balance]

PEB at 30c.

Consider PEB's precarious financial situation :

PEB stated that it had $16.2m at 31 March and raised $2.6m in July 2018 = $18.8m

Cash burn running at between $2.0m to $2.5m per month = $12m to $15m gone.

So PEB has between $3.8m to $6.8m left - not enough really to last the year unless ......

Capital raising time again or else, it's curtains?

[JohnnyTheHorse]

I thought they were confident they had enough to take them through to profitability?

[Balance]

I thought they were confident they had enough to take them through to profitability?

Yes, that's what they said 3 years ago - June 2015.

It's now 2018 and several more capital raisings later. And PEB is running out of cash .... again!

[Balance]

Yes, that's what they said 3 years ago - June 2015.

It's now 2018 and several more capital raisings later. And PEB is running out of cash .... again!

https://www.odt.co.nz/business/cash-hard-edged-question

Revisiting the AGM and the comments then are rather revealing :

1. "At question time he was asked twice by shareholders, and later by the ODT, if another cash injection from shareholders was needed, but would only reiterate the cash position was being "closely monitored".

2. "When queried on product uptake by US urologists and remuneration, Mr Darling said dealing with Veteran Affairs; representing millions of people using 300 clinics, was like dealing with 300 New Zealand health boards and their respective needs and policies. On the other hand, US health giant Kaiser Permanente was "corporate" and slow to deal with, no matter how much encouragement it gave Pacific Edge to "stay the distance" with it and its 11.8million members, he said."

Observations :

1. Yup, another rights issue and capital raising is on the way, unless the company folds first. This is more or less guaranteed now.

2. Veterans Affairs look like a completely lost cause while Kaiser imo is long gone - only PEB remains at the negotiating table. One normally does not speak of one's counterparties when negotiating in such terms - unless it is all over.