Rhythm Biosciences Limited (ASX: RHY) held its Annual General Meeting on 26 November 2018. The AGM was focused on the Company’s mission to reduce the impact of colorectal cancer globally through improved diagnosis. Following the release of the AGM presentation, the company’s shares increased by 6.667 percent as on 26 November 2018.
According to the company’s presentation, Colorectal cancer is the world’s 2nd biggest cancer killer. However, early detection of Colorectal cancer could increase the cure rates by 90 percent. At the AGM, the company informed that it is having an addressable market of 250 million people in EU, the USA & Australia. The company is developing a simple blood test known as ColoSTAT® to accurately detect colorectal cancer. ColoSTAT® is having a 73% sensitivity for all colorectal cancer at 95 percent specificity. Further, ColoSTAT® is having 58% sensitivity for early (Stage I) colorectal cancer at 95 percent specificity. Whereas, Faecal Immunochemical Test (FIT) is having a 65.8% sensitivity for all colorectal cancer at 94.6 percent specificity. Also, it is having a 52.8 percent sensitivity for early (Stage I) colorectal cancer at 94.6 percent specificity. The company is having a strategic objective of Replacing FIT as the global screening test of choice.
As part of the key milestone for FY 2019, the company informed about the IVD kit development which is on track to be completed in 2019 and further the company also informed that its Study 6 is on track for completion in 2019. As at 30 June 2018, the company was having solid cash position with $7.8 million worth of cash at the bank. In the month of May, the company received a confirmation that its European patent had been listed in the patent offices of the 13 key European countries targeted by Rhythm. In the month of May, the company appointed experienced health sector executive Mr. Glenn Gilbert as the chief operating officer. In 2018, the company earned $64,476 worth of revenue from continuing operations. The company incurred a loss of $1.75 million in FY 2018. The basic and diluted loss per share of the company 2.25 cents per share. As at 30 June 2018, the company was having current assets of $7.87 million and current liabilities of $0.147 million. The cash flow from operating activities at the end of FY 2018 were $1.65 million.
In the last six months, the share price of the company decreased by 9.09 percent as on 23 November 2018. RHY’s shares traded at $0.160 with a market capitalization of circa $15.11 million as on 26 November 2018 (AEST 4:00 PM).