$69 postpage LB

Rhythm’s Share Mounted On ASX After The Release Of R&D Tax Incentive Refund

  • December 11, 2018 07:03 PM AEDT
  • Team Kalkine
Rhythm’s Share Mounted On ASX After The Release Of R&D Tax Incentive Refund

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 company’s 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 company’s 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 company’s 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 company’s 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. RHY’s shares traded at $0.145 with the market capitalization of circa $13.6 Million as on 11 December 2018 (AEST 04:00 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.

Gold MTF non-AMP

 

 


Disclaimer
The website https://kalkinemedia.com/au is a service of Kalkine Media Pty. Ltd. (Kalkine Media) A.C.N. 629 651 672. The principal purpose of the content on this website is to provide factual information only and does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stock of the company (or companies) or engage in any investment activity under discussion. We are neither licensed nor qualified to provide investment advice through this platform. In providing you with the content on this website, we have not considered your objectives, financial situation or needs. You should make your own enquiries and obtain your own independent advice prior to making any financial decisions.
Some of the images that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed on this website unless stated otherwise. The images that may be used on this website are taken from various sources on 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. The information provided on the website is in good faith, however Kalkine Media does not make any representation or warranty regarding the content, accuracy, or use of the content on the website.

 

   
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