Pacific Edge Directors Give Notice of Retirement

Pacific Edge today announces the retirement of Chair Chris Gallaher and Non-Executive Director Mark Green.

Mr Gallaher, who joined the Pacific Edge Board in July 2016, has resolved to reduce his governance commitments, and has indicated his intention to retire from the Board following the appointment of a successor and a structured handover at the end of this year.

Meanwhile, with his family having made new commitments offshore, Mr Green has notified the Board he does not intend to seek re-election at the company’s next Annual Shareholders Meeting in September. Mr Green joined the Pacific Edge Board in May 2021.

The Directors have resolved to deliver advance notice of their decision to provide stability and confidence to Pacific Edge and its stakeholders during the continued uncertainty over the Medicare coverage status for the company’s Cxbladder tests.¹

The Board’s Nomination Committee has commenced a process to appoint a new Chair and consider the recruitment of new Independent Directors.

Mr Gallaher said: “It has always been my declared intention to reduce my governance commitments when I turned 70, which I will later this year. Pacific Edge is on the threshold of a new phase of development, with Medicare’s upcoming determination, either way, having implications for the long-term future and strategy for the company. In the face of such change, I believe it important that the Board of Pacific Edge now puts in place new governance and leadership for the long-term.

“I have great confidence in the future of Pacific Edge. We have over the last two years established a dedicated and skilled management team under Chief Executive Dr Peter Meintjes to develop our world-leading technology with comprehensive clinical evidence generation and medical communications. And, we have the capital reserves that position Pacific Edge for success no matter the Medicare determination. I am looking forward to working with and supporting the Board and Management over this period of transition.”

Mr Green said: “It is with regret that I provide notice of my intention to step away from the Pacific Edge Board. With my family moving to New York later this year, I have decided to rebalance my governance roles. I look forward to supporting Pacific Edge over the coming months and as it considers new Directors.”

¹ Novitas the Medicare Administrative Contractor with jurisdiction for Pacific Edge’s US laboratory must either withdraw or finalize the draft unfavorable Local Coverage Determination (LCD) ‘Genetic testing for Oncology’ (DL39365) by 26 July 2024 (US time). Pacific Edge, which with industry and similarly affected companies has made numerous representations of the flaws of the LCD and suggested alternatives, has received no indication on when Novitas will make its position clear.