Rhythm Biosciences (ASX:RHY) is working towards commercialisation for its ColoSTAT blood test, used in the early detection of colorectal cancer.

And the latest tests indicate that the key biomarker used in the test can in fact differentiate between cancerous and healthy cells.

Rhythm CEO Glenn Gilbert called the result a “significant milestone” in the testing phase.

“Previous antibodies were not able to distinguish between cancer and healthy samples. Achieving that ability for such a key biomarker is a hugely exciting milestone for us,” he said.

Shares in the company were up by around 2.8 per cent in morning trade at 18.5c.

Pushing ahead

Rhythm Biosciences said the latest ColoSTAT test gave it good momentum as it moved towards clinical trials with the end-goal of regulatory approval.

The company said research & development efforts would remain ongoing as it looked to optimise the chemical components that would be in the final test before clinical trials started.

In a company presentation in July, Rhythm Biosciences presented a timeline where it flagged prospective clinical trials were due to commence some time in the 2020 financial year.

“Looking ahead, we have identified preferred suppliers, consultants, manufacturers and have established a clear sequence of activities to further de-risk the science behind ColoSTAT,” Gilbert said.

If clinical trials prove successful, the company is hoping to get the ColoSTAT treatment registered with a CE Mark for the Eurozone, along with regulatory approval by the Therapeutic Goods Administration in Australia.

ALSO READ: Colon cancer is hitting younger people and obesity may be to blame

 

In other ASX health news today:

Bionomics Limited (ASX:BNO) is hoping to get a step ahead with US regulators. Following “positive feedback”, the company has applied for a Fast Track Designation by the US Food & Drug Administration for its BNC210 drug, used in the Treatment of PTSD. Investors approved, sending the stock more than 30 per cent higher to 5.3c. But Bionomics shares remain well off their 12-month highs above 50c.

And Living Cell Technologies (ASX:LCT) advised that it’s set to make a small profit from a US healthcare transaction, with NASDAQ-listed Vertex Pharmaceuticals completing its acquisition of Semma Therapeutics. Living Cell Technologies owns 121,995 shares in Semma, “worth an anticipated $US838,105”. Shares in Living Cell Technologies were 9.5 per cent lower this morning at 1.9c.

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