Rhythm Biosciences Ltd (ASX:RHY) Achieves Key Milestones for ColoSTAT
Key Milestones Achieved
Rhythm Biosciences Ltd (ASX: RHY) has successfully completed its end-of-calendar-year 2024 milestones, as previously detailed in its October 2024 ASX announcement. The company has received its Research & Development Tax Incentive returns and delivered a second-generation Beta release candidate of the ColoSTAT® Multiplex Kits.
Core Product Development
The second-generation multiplex assay kits consist of five antibody-based assays combined into a single reaction for detecting colorectal cancer from patient blood samples. This advancement, produced by Quansys Biosciences, aligns with the milestone schedule and prepares the company for further testing and validation leading to a planned commercial launch in the second half of 2025. Nir Dvorski, Chief Operations Officer of Rhythm, stated, “This milestone is a major leap forward, bringing us closer to end-user clinical evaluation and commercialisation.”
Market Strategy and Engagement
Rhythm has engaged consultants across Australia, the UK, and the US to finalise its path to market. The company aims to secure marketing approval from relevant regulatory agencies while exploring the regulatory pathways for in vitro diagnostic medical devices. Efforts are underway to collaborate with laboratory partners, aiming for a commercial roll-out in the last half of 2025.
Financial and Corporate Updates
Rhythm received $3.23 million from its RDTI, enhancing its financial position. A recent placement of new shares drew strong interest, raising $3.5 million at a share price of $0.10. To optimise capital usage, Rhythm has appointed Acclime Corporate Services Australia Pty Ltd as Company Secretary effective January 6, 2025, following the departure of its previous Joint Company Secretaries.
Motley Fool contributor Kiarra Jackson has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
This article was generated using GPT-4o mini, a Large Language Model (LLM), to generate summaries of investing news. While AI is generating the content, we know better than to blindly trust our future robot overlords, and every article is edited and fact-checked by an editor holding the appropriate credentials. The Motley Fool Australia stands behind the work of our editorial team and takes ultimate responsibility for the content of everything published by The Capital Club.