Pacific Edge Chairman Delays Retirement

Pacific Edge today announces Chris Gallaher has accepted a Board request to delay his planned retirement, originally set for the end of this year after a handover to a successor.

The Board has asked Mr Gallaher to remain as Chair into 2025 to provide stability and confidence to Pacific Edge and its stakeholders amid the continued uncertainty over the Medicare coverage status for the company’s Cxbladder tests and the ongoing process to recruit his successor.

In July Novitas, the Medicare Administrative Contractor (MAC) with responsibility for Pacific Edge’s US lab, confirmed that it had been granted an extension beyond the normal statutory timeline to finalize or withdraw the draft Local Coverage Determination (LCD) ‘Genetic Testing for Oncology’ (DL 39365).

Mr Gallaher said: “As I signaled in our annual report in June, the Board expects the process to recruit my successor to ramp up after the Novitas determination. Consequently, the Board believes that delaying my retirement at least until the LCD is finalised will enable us to make a smooth handover to the new Chair, which is in the best interests of the company and all its stakeholders. I am happy to provide this continuity.”

Mr Gallaher and Independent Director Mark Green gave notice of their intention to retire in March. Mr Green will - as planned - step down at the close of the company’s Annual Shareholder Meeting in Auckland on 24 September 2024.

The Pacific Edge Board Nomination Committee commenced a process earlier this year to recruit new independent directors. At present the Board is not able to provide a timeline on the likely finalization of the LCD or the appointment of a successor for Mr Gallaher or Mr Green.