The Rhythm Biosciences Ltd (ASX: RHY) share price is climbing today after the company was granted a United States patent for ColoSTAT. At the time of writing, the Rhythm share price is up 5% to 84 cents.
Rhythm develops and commercialises Australian medical diagnostics technology for sale in domestic and international markets. The company's ColoSTAT is the first proposed product-in-development, intended to accurately test and detect the early stages of colorectal cancer.
New patent approval
In today's release, Rhythm advised the US Patents and Trademarks Office (USPTO) has approved a patent for ColoSTAT biomarkers. The new grant covers 3 core biomarkers that form part of the ColoSTAT blood test. Additional biomarkers can be added to the core markers, if required.
In highlighting the positive announcement, the company noted that USPTO approved less than 35% of diagnostics patent applications.
Addressable market
Rhythm believes the authorised patent will strengthen its growth profile in the US. The current screening for people aged 50 to 74 years old is estimated to be around 94 million. And it could grow by a further 21% following the US Preventative Services Task Force's recommendation to reduce the screening age to 45 years of age.
Nonetheless, this puts the company's world-wide access close to 800 million people, when including other approved markets such as Australia, China, Japan, the United Kingdom and Europe.
CEO commentary
Rhythm CEO Glenn Gilbert welcomed the patent approval, saying:
The granting of this US patent further strengthens Rhythm's global position as an emerging leader in the diagnosis of cancer, initially in the area of colorectal cancer.
The significance of this patent cannot be overstated, as it expands our access to a growing global market, and importantly, with ColoSTAT being a simple, low-cost option, means that we are in a position to access the mass market opportunity in each key country.
Having patent coverage in all the major global markets is a significant value-add for the Company.
Rhythm share price performance
The Rhythm share price has soared more than 500% higher in the past 12 months, reflecting the company's aggressive expansion into new geographical markets.
