Pacific Edge slumps 89.9% on Novitas decision

The company still believes that it can still deliver. (Image: Pacific Edge).

Wed, 07 Jun 2023

Shares of Pacific Edge plunged 89.9% on news that Medicare coverage of Cxbladder tests in the US is expected to cease from July 17.The shares resumed trading at 5 cents, having been halted on Tuesday at 49.5 cents while management worked through the implications of the decision.That wiped out $360.6 million of value as investors put a market price of $40.5m on Pacific Edge. Over the coming days Pacific Edge will seek to explore all available legal options, including a potential appeal, with its US-based lawyers, the company said.A so-call...

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