Aussie medtech company Rhythm Biosciences (ASX: RHY) is set to improve the screening process of colorectal cancer with manufacturing of their ColoSTAT testing kit to commence shortly after having appointed Biotem Limited as their new global manufacturer.
Colorectal cancer is the third biggest cause for cancer deaths globally where current screening processes tend only to identify the cancer in its later stages when treatment options are limited and the survival rate is poorer.
Addressing a global need for a more readily accessible testing kit, Using the ColoSTAT offers early detection with minimal invasion where the test can be completed with a blood sample and is intended to be used easily and rapidly by laboratories without the need for extensive training.
Following our recent completion of the ColoSTAT prototype test-kit, the appointment of Biotem as our global manufacturer now sets a clear pathway to bring ColoSTAT® to the market,” said Rhythm CEO, Glenn Gilbert.
“We are focused on an exciting few months ahead as we scale up our development plan activities.”
With more than 40 years of experience in immunoassay development and manufacturing, France-based Biotem plans to commence production before the end of the year. Initial batches will undergo a quality assurance testing by Rhythm which will apply healthy and cancerous blood samples to the test kits under their Study 6 trials which are expected to be completed by March 2021.
As a disruptive solution to the current market for colorectal cancer which is responsible for 850,000 deaths annually, the technology behind ColoSTAT has been in development for more than 13 years.
The current standard diagnostic screening test for colorectal cancer is the Faecal Immunochemical Test (FIT) which only detects blood in the faeces which may not be present in all bowel movements of cancer patients. ColoSTAT however detects protein biomarkers in the blood that are indicative of an increased likelihood of the presence of colorectal cancer.
“We understand the cancer screening opportunity and look forward to leveraging our history in developing and manufacturing antibody diagnostic tests to make ColoSTAT a success,” said Biotem CEO, Clarence Deffaud.
Alfred Chan is a Business Reporter at The Sentiment specialising in ASX-listed small cap companies, a bloodstock enthusiast and former equities analyst.
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