- Cancer diagnostics technology company Rhythm Biosciences (RHY) updates the market regarding the commercialisation of ColoSTAT
- The ColoSTAT test measures the presence and concentration of protein markers seen in colorectal cancer and determines whether the patient has it or not
- The successful study 6 in March demonstrated a 33 per cent higher accuracy than the current Faecal Immunochemical Test used
- Additionally, the company is nearing regulatory approval in Australia and European approval with CE Mark approval
- Rhythm ends the day 11.7 per cent in the green with shares trading at $1.34
Cancer diagnostics technology company Rhythm Biosciences (RHY) has updated the market regarding the commercialisation of ColoSTAT.
The ColoSTAT test is a biochemical test that measures the presence and concentration of multiple protein markers seen in colorectal cancer.
The patient is first recommended for a ColoSTAT test by their doctor, they give a blood test and the results are analysed.
If it reveals the patient has colorectal cancer then they will go in for a colonoscopy as soon as possible.
ColoSTAT is designed to be minimally invasive, cost effective and provides another option if a patient wants one.
Following successful completion of study 6 in March, Rhythm has continued to undertake confirmatory testing on its ColoSTAT test kit.
This test demonstrated a 33 per cent higher accuracy than the current Faecal Immunochemical Test (FIT) used.
Rhythm is now progressing towards market entry activities with respect to regulatory submissions and finalisation of the clinical trial.
Approval is advancing with the Therapeutic Goods Administration (TGA) for filing an Australian Register of Therapeutic Goods listing which is the final step to achieve regulatory approval in Australia.
Additionally, Rhythm in on track to receive European approval with CE Mark submissions and approval due to be completed by the end of the year.
CEO Glenn Gilbert commented on the company’s progress.
“Our visible path to market is emerging as our ongoing testing program continues to provide the company with confidence moving through the regulatory phase,” Mr Gilbert said.
“The high accuracy of our cancer diagnostics technology has the potential to deliver positive outcomes for millions of people around the world.”
Rhythm has ended the day 11.7 per cent in the green with shares trading at $1.34 in a $279.7 million market cap.