Rhythm (ASX:RHY) share price surges 10% on ColoSTAT results

The Rhythm Biosciences Ltd (ASX: RHY) share price is surging 10% today following the release of its ColoSTAT results. We take a closer look.

The Rhythm Biosciences Ltd (ASX: RHY) share price is a strong mover today following the release of its ColoSTAT results.

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 medical device company's shares are trading for 96 cents, up 10.9%.

Monadelphous share price rio tinto A small rocket take off from a laptop, indicating a share price surge

Image source: Getty Images

What's driving the Rhythm share price higher?

Investors are fighting to get a hold of Rhythm shares after digesting the company's encouraging announcement.

In a statement to the ASX, Rhythm advised that ongoing enhancements to its ColoSTAT technology have yielded further potential improvements. The company explained that when adding in known lifestyle related factors (LRF), the device increases in accuracy for cancer detection.

A number of LRF have been linked to colorectal cancer such as diet, weight, exercise, smoking and type 2 diabetes.

Previously, Rhythm achieved positive results from its Study 6 findings in mid-March. It stated that ColoSTAT prototype test-kit demonstrated an accuracy of 84% sensitivity at 95% specificity. This showed that the company's proprietary device surpassed the current market standard faecal tests.

However, with the latest performance improvements by adding a patient's LRF, colorectal cancer detection has increased sensitivity levels to 88%. The specificity remains the same at 95%.

Rhythm noted it will seek to continue to develop and test on a larger number of samples in the near future.

Rhythm CEO, Glenn Gilbert welcomed the result by reaffirming the company's ColoSTAT reputation, saying:

We have shown that ColoSTAT is already superior in detecting colorectal cancer when compared to the current market standard faecal test.

The capability to broaden the effectiveness of our core cancer detection technology, via a simple addition of commonly measured data, is extremely exciting in the context of our objective to reduce the social and economic burden of colorectal cancer globally.

The Rhythm share price has accelerated over the past year to more than 1,100%. However, year-to-date performance is sitting close to just above 10%.

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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