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Rhythm Biosciences Ltd. ( (AU:RHY) ) has issued an update.
Rhythm Biosciences has completed the successful exercise and underwriting of $5.5 million of RHYO options, combining approximately $1.7 million from option holder exercises and around $3.8 million from underwriting. The funding strengthens the company’s working capital position and supports commercial activities aimed at accelerating sales of its ColoSTAT colorectal cancer test and geneType genetic risk assessment platform in domestic and international markets.
The transaction, underwritten by CPS Capital Group, results in the issue of 18,834,007 new fully paid ordinary shares plus additional underwriter options to CPS and its nominees. Management emphasises that this outcome demonstrates continued support from existing option holders and marks further progress in Rhythm’s transformation into a fully commercial organisation within the predictive cancer diagnostics sector.
More about Rhythm Biosciences Ltd.
Rhythm Biosciences Ltd is an Australian medical diagnostics company focused on simple, affordable blood tests for the accurate and early detection of cancers. Founded in 2017 and headquartered in Melbourne, it targets the global cancer diagnostics and preventative healthcare markets with products such as ColoSTAT, a blood-based colorectal cancer test, and geneType, a multi-disease genetic risk assessment platform.
Average Trading Volume: 1,017,770
Technical Sentiment Signal: Buy
Current Market Cap: A$64.73M
For a thorough assessment of RHY stock, go to TipRanks’ Stock Analysis page.