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An announcement from Rhythm Biosciences Ltd. ( (AU:RHY) ) is now available.
Rhythm Biosciences has secured a binding underwriting agreement with CPS Capital Group to partially underwrite the exercise of its listed options, guaranteeing a minimum of $4.5 million and up to $6 million in funding before costs. The underwriter will subscribe for shares corresponding to any unexercised options at expiry, with the flexibility to appoint sub-underwriters and extend participation if demand exceeds the underwritten amount.
The capital raised will support the commercial rollout of the ColoSTAT and geneType diagnostic platforms as well as general working capital, reinforcing the company’s funding certainty as it pursues domestic and international growth. The structure of the deal, including issuance of shortfall shares and options to the underwriter within existing placement capacities, is designed to strengthen Rhythm Biosciences’ balance sheet while advancing its commercialisation strategy across key markets.
The most recent analyst rating on (AU:RHY) stock is a Hold with a A$0.20 price target. To see the full list of analyst forecasts on Rhythm Biosciences Ltd. stock, see the AU:RHY Stock Forecast page.
More about Rhythm Biosciences Ltd.
Rhythm Biosciences Ltd is an Australian predictive cancer diagnostics technology company focused on developing and commercialising blood-based testing platforms. Its primary products include the ColoSTAT colorectal cancer test and the geneType multi-risk diagnostic platform, aimed at both domestic and international healthcare markets.
Average Trading Volume: 953,369
Technical Sentiment Signal: Buy
Current Market Cap: A$72.52M
See more data about RHY stock on TipRanks’ Stock Analysis page.