Pacific Edge (ASX:PEB, NZE:PEB) said it seeks to raise about NZ$20 million through a share placement and share purchase plan, according to a Friday filing with the New Zealand and Australian bourses.

The offer comprises a NZ$15 million placement of new ordinary shares to selected investors and a NZ$5 million retail offer via a share purchase plan, with Pacific Edge reserving the right to accept oversubscriptions in both components at its discretion, the filing said.

The shares are priced at NZ$0.10 each, representing a premium to the 20-day volume-weighted average price.

The capital raise aims to strengthen Pacific Edge's cash reserves to build on recent clinical and commercial milestones, expand in non-Medicare channels, and work toward restoring Medicare coverage that ceased on April 24 following the implementation of the Local Coverage Determination for Genetic testing for Oncology, the filing added.