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Highlights
- Rhythm Biosciences has identified leading biomarkers that are critical for progressing research and development of several target cancers
- The key lead biomarker for ColoSTAT®, Rhythm’s initial bowel cancer product, offers a strong catalyst to advance new activities for the early detection of different types of cancers
- Earlier this year, Rhythm analysed thousands of biomarkers for Pancreatic, Lung, Cervical, Gastric, and Breast cancers
ASX-listed medical diagnostics company Rhythm Biosciences Ltd (ASX:RHY) has taken a significant step forward in progressing its platform technology expansion program. The company has identified leading biomarkers critical for progressing research and the development of other target cancers.
The predictive diagnostics company is developing ColoSTAT®, a blood test for colorectal cancer detection. Its strategic plan is to recognise prospects to utilise the core cancer detection capabilities within a platform expansion program.
Earlier this year, Rhythm Biosciences started a research and development program on a thorough and strong biomarker review. Rhythm analysed thousands of biomarkers in the study for these types of cancers: Pancreatic, Cervical, Breast, Gastric and Lung. Some biomarkers were discovered to be common in different types of cancer.
Agilex upon service
Upon accomplishment of the first phase of the expansion program, Rhythm now intends to expedite the next stage of viability, testing, and authentication of biomarkers of interest. To properly continue these activities and make the team focus on ColoSTAT®, the company has roped in Agilex Biolabs (Agilex). It has struck a deal with Agilex under which the latter will assist Rhythm in carrying out necessary work for the platform technology extension program for one primary cancer target.
Agilex is one of the biggest and most technologically advanced bioanalytical and toxicology laboratories in Australia. Majorly focused and specialising in oncology, it has been providing biotech and pharmaceutical companies a complete set of bioanalytical services for the last 25 years. Earlier this year, Agilex was acquired by Healius Limited (ASX:HLS), a healthcare and pathology company based in Australia. This also encourages Rhythm to partner with the best operators within the healthcare sector.
CEO and Managing Director of Rhythm, Glenn Gilbert, commented, “The potential here is exciting across the five additional cancer targets that have unmet screening needs and globally addressable markets. The company is working diligently to consider how best to leverage the outstanding cancer detection technology already built for ColoSTAT®”.
Stock information
RHY has a market capitalisation of AU$316.84 million. At the time of writing this article (19 JULY 10:35 AM AEST), share price of the company was AU$1.500, trading with a gain of 1.351%.
