Rhythm Biosciences’ Shares Mounted On ASX Post Its Annual General Meeting

  • Nov 26, 2018 AEDT
  • Team Kalkine
Rhythm Biosciences’ Shares Mounted On ASX Post Its Annual General Meeting

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).


Disclaimer

This website is a service of Kalkine Media Pty. Ltd. A.C.N. 629 651 672. The website has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. Kalkine Media does not in any way endorse or recommend individuals, products or services that may be discussed on this site. Our publications are NOT a solicitation or recommendation to buy, sell or hold. We are neither licensed nor qualified to provide investment advice.

 

All pictures are copyright to their respective owner(s).Kalkinemedia.com does not claim ownership of any of the pictures displayed on this website unless stated otherwise. Some of the images used on this website are taken from the web and are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it below the image.

 

There is no investor left unperturbed with the ongoing trade conflicts between US-China and the devastating bushfire in Australia.

Are you wondering if the year 2020 might not have taken the right start? Dividend stocks could be the answer to that question.

As interest rates in Australia are already at record low levels, find out which dividend stocks are viewed as the most attractive investment opportunity in the current scenario in our report.

CLICK HERE FOR YOUR FREE REPORT!
   
x
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK