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- Rhythm Biosciences (RHY) has requested two consecutive trading halts pending an upcoming capital raise
- The company will remain in the halt until July 23 or when the announcement is made, whichever occurs first
- Interestingly, this is the first capital raise the company entered since it was admitted to the ASX in December 2017
- Throughout the March quarter, Rhythm continued with the development of its colorectal cancer detection blood test, ColoSTAT
- Despite COVID-19, the company has been able to maintain essential laboratory staff
- However, it has experienced some delay in the delivery of material from the U.S. and Europe, as well as a delay in blood sample collection
- Shares in Rhythm last traded for 10.5 cents each on July 16
Rhythm Biosciences (RHY) has requested two consecutive trading halts pending an upcoming capital raise.
The company will remain in the halt until July 23 or when the announcement is made, whichever occurs first.
Interestingly this is the first capital raise the company entered since it was admitted to the ASX in December 2017.
In the company’s March quarterly report, Rhythm announced it had continued with the development of its colorectal cancer detection blood test, ColoSTAT.
The lead biomarker antibodies were successfully validated in early April. These antibodies are able to successfully differentiate between cancerous and healthy blood samples.
This validation significantly de-risked Rhythm’s technology from a scientific perspective.
Additionally, Rhythm also announced the impact COVID-19 has had on operations.
For the most part, the company has been able to maintain essential laboratory staff, however, it has seen some delays in the delivery of material from the U.S. and Europe, as well as a delay in blood sample collection.
As of March 31, Rhythm had $2.85 million in cash.
Shares in Rhythm last traded for 10.5 cents each on July 16.
