Pacific Edge (ASX:PEB, NZE:PEB) launched a capital raising of up to NZ$24 million comprising an NZ$18 million institutional placement and a NZ$6 million retail offer at NZ$0.17 per share, according to a Monday filing with the Australian and New Zealand bourses.

The offer price reflects a 2% discount to the stock's five-day volume-weighted average price.

The capital raising is intended to provide the company with the resources needed to restore Medicare coverage, secure reimbursement for its tests, and support the company's growth strategy, per the filing.

The company reported unaudited fiscal 2026 revenue of NZ$11.5 million, down from NZ$21.8 million in fiscal 2025 after Medicare ended reimbursement coverage of Cxbladder, reducing US testing volumes and increasing net loss to NZ$35.7 million compared with NZ$29.9 million in the prior year, the filing said.

The company said it expects an update from the Medicare administrative contractor Novitas before September, including a draft local coverage determination that may restore coverage for Cxbladder Triage tests and enhance revenue potential and commercial payer adoption.