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Here’s why the Rhythm (ASX:RHY) share price hit an all-time high today

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Shares in Rhythm Biosciences Ltd (ASX: RHY) are soaring higher during early afternoon trade. This comes after the company announced it has added two extra clinical trial sites for its ColoSTAT study.

Rhythm’s ColoSTAT is an experimental test-kit that is being trialled as a low-cost, easy-to-use blood test to detect colorectal cancer.

At the time of writing, the Rhythm share price is advancing 7.5% to $1.43 after reaching an-all time high of $1.47 around midday. In comparison, the All Ordinaries Index (ASX: XAO) is also moving higher, up 1.1% to 7,014 points.

Why is the Rhythm share price climbing?

Rhythm advised today that the Concord Repatriation General Hospital in Sydney’s inner west will participate in the ColoSTAT clinical trial. Run by principal investigator, Dr Emily He, the hospital is internationally recognised for colorectal surgery.

The building services a large portion of the Sydney inner city population, and has become a lead teaching hospital. Conducting more than 50 trials over the last 5 years, the gastroenterology department is understood to have the required skillset to run clinical trials.

The second addition is the Bendigo Cancer Centre inside the Bendigo Hospital, a modern facility equipped with a dedicated clinical trials research unit. The centre participates in both national and international studies associated with cancer trials.

Bendigo Hospital itself caters for a large swath of population towns, covering up to quarter of the size of Victoria. This includes major regional hubs like Mildura, Echuca, Swan Hill, Kyneton, and Castlemaine.

With the recent inclusions, Rhythm now has total number of 9 clinical trials sites testing its ColoSTAT device. The company revealed that both additional trial sites have recruited their first patients for the ColoSTAT study.

Comments from management

Rhythm CEO Glenn Gilbert, welcomed the new additions, saying:

The addition of Concord and the Bendigo Cancer Centre to the ColoSTAT clinical trial continues to build on our momentum toward delivering an important world-leading and mass-market simple blood test for the early detection of colorectal cancer.

Concord Hospital’s Dr He added:

With colorectal cancer now the leading cause of cancer related deaths for 30–35-year-olds in both male and females in Australia, the time is right for a simple and effective blood test for early detection that can be adopted by all ages of the population on a mass scale.

And Dr Sam Harris reiterated the important participation from the Bendigo Cancer Centre, saying:

As a leading regional cancer centre specialising in diagnosing and treating cancer patients, we see first-hand the social, physical and mental impacts that colorectal cancer can have on families, particularly when diagnosed late.

With such low participation rates under the current screening system, we are eager to be part of the development of a new simple blood test that has the potential to increase screening compliance and ultimately save lives.

About the Rhythm share price

The Rhythm share price has accelerated in the last 3 months, reflecting gains of more than 670% for shareholders.

Moving on an upwards trajectory, shares in the company have surged strongly since its 4.1 cent low in March. Today’s rise sees the Rhythm share price hit a new all-time record of $1.47.

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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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