Australia's Rhythm Biosciences dives as co withdraws TGA application for cancer test-kit

Rhythm Biosciences

06/03/2023 24:46

** Shares of medical diagnostics tech co Rhythm Biosciences
Ltd  RHY.AX  slump as much as 52.1% to A$0.460, set to post
their worst day on record, if losses hold 
    ** Stock hits its lowest since Nov 25, 2020
    ** Co says it has decided to withdraw its current ColoSTAT
application for an Australian Register of Therapeutic Goods
listing
    ** Says it took the decision after analysis of a thorough
application review and its recent engagement with the Australian
Therapeutic Goods Administration (TGA)
    ** ColoSTAT is a low-cost blood test that Rhythm is
developing for detection of colorectal cancer
    ** Co says it intends to submit a new application for
ColoSTAT application with the TGA 
    ** Add the new application is expected to be submitted in
the current calendar year
    ** Rhythm is top loser in ASX All Ordinaries index  .AORD 
    ** As of last close, stock down 3% this year

 (Reporting by Himanshi Akhand in Bengaluru)
 ((Himanshi.Akhand@thomsonreuters.com;))