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Rhythm Biosciences Limited (ASX:RHY) operates as a medical diagnostics technology company. The Company develops and commercializes products for early detection of colorectal cancer. Rhythm Biosciences has the largest patient base in Australia. The company is currently into the development of screening & diagnosing tool for colorectal cancer.
ColoSTAT is the companyâs foremost product which is meant to be the simple, affordable, less invasive and has effective blood testing capabilities. This solution is expected to be comparable enough and may also exceed the performance of the existing standard of care, i.e., the faecal immunochemical test (FIT) at a lower cost. This solution also proves to be an effective alternative for those people who want the less invasive test or are uncomfortable to assessed via the standard screening programmes. The solution is being designed in such a manner that the various laboratories find it easy enough so that no operator training or additional infrastructure is required to be provided for the operations to take place. ColoSTAT has got the unique potential by which it can help reduce the mortality rates by a substantial amount which at present is high due to the conventional methods used to treat colorectal cancer. This has also led to a reduction of the healthcare costs in an emphatic manner. It is noteworthy that an average of 8,500,00 people dies of colorectal cancer each year. Following the release of this news, the share price of the company increased by 7.407 percent as on 11 December 2018.
The company has via an ASX release stated that it had received a sum of $ 283,796 from the companyâs R&D tax incentive claims for the 2018 financial year. This is the first R&D refund and is based on the R&D expenditure incurred for the year. The company expects the R&D refund to be substantially higher than that in the 2018 financial year. This would be in accordance with the planned expenditures.
The companyâs CEO Mr. Glen Gilbert has mentioned that the refund amount will help in contributing toward the required investments in assay optimization, kit development, manufacturing scale-up, and the clinical trials. This R&D tax incentive framework will aid the companyâs cause of maximizing the return in the FY 2019.
Also, lately the company has had a major senior management change, wherein the firm has appointed Mr. Glen Gilbert as the Chief Executive Officer of the company from the 28th of November 2018. Moreover, Dr. Trevor Lockett has been transitioned to the role of Technical Director from the earlier role of Managing Director and CEO. Hence his role in the near future will mainly focus upon the scientific and technical aspects of the company.
The company had earlier come out with its numbers reporting a net loss after income tax of $17,53,480 for the year ended 30 June 2018 vis-a-vis a loss of $72,127 for the FY 2017.
Meanwhile, the share price of the company has fallen by 37.21 percent in the past six months as on 10 December 2018. RHYâs shares traded at $0.145 with the market capitalization of circa $13.6 Million as on 11 December 2018 (AEST 04:00 PM).
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