- Rhythm Biosciences (RHY) identifies five new cancer detection markets to expand its platform technology
- The new markets for breast, cervical, lung, gastric and pancreatic cancer will be explored as part of a research and development program
- The platform expansion development program is expected to cost $750,000, with R&D work conducted eligible for a Government R&D tax incentive rebate
- Rhythm is considering earlier applications for regulatory approvals of ColoSTAT in other jurisdictions and is in discussions regarding regional commercialisation opportunities
- Rhythm Biosciences was up 4.19 per cent, trading at $1.74 at 12:20 pm AEDT
Rhythm Biosciences (RHY) has identified five new cancer detection markets to expand its platform technology.
The company identified additional markets, aside from the bowel cancer market it initially targeted, that will form part of a research and development program that will ultimately follow a similar commercial pathway to ColoSTAT. These areas include breast, cervical, lung, gastric and pancreatic cancers.
ColoSTAT is a simple, low-cost blood test for detecting colorectal cancer. The test removes the need for unpleasantness, difficulty, or avoidance due to religious or cultural reasons often associated with a colonoscopy.
Rhythm believes it could add meaningful value in these new segments to transform both screening and detection for improved health outcomes on a global scale.
Having already been internally developed, optimised, plus granted CE Mark certification, the lead biomarker has proven to provide a strong catalyst to progress new activities for the early detection of a range of other cancers.
This platform expansion development program to branch into new markets is expected to cost $750,000.
R&D work conducted will also be eligible for the Government R&D tax incentive rebate and potentially other associated grants.
Rhythm CEO and Managing Director, Glenn Gilbert, said as the company moves closer to the launch of ColoSTAT in 2022, it’s making positive progress to leverage its cancer detection technology into other global cancer markets.
“Ultimately, Rhythm believes it can make a meaningful impact for improved health outcomes across millions of people around the world,” Mr Gilbert said.
Meanwhile, Rhythm is considering earlier applications for regulatory approvals of ColoSTAT in other jurisdictions and is in discussions in relation to regional commercialisation opportunities.
Rhythm Biosciences was up 5.09 per cent, trading at $1.76 at 1:20 pm AEDT.