Rhinomed (ASX:RNO) share price surges 9% on world-first trial result

The company is developing a new respiratory diagnostic test for children.

a young girl smiles as she is about to get a nasal swab test from a medical practitioner while her masked parent looks on in the background.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The Rhinomed Ltd (ASX: RNO) share price is soaring today on the back of clinical trial results into a new COVID-19 test for children.

At the time of writing, shares in the company are trading at 29 cents, up 9.43%.

Let's take a closer look at the news from the diagnostic company today.

What did the company announce?

Rhinomed announced results from a "world first" clinical trial of a diagnostic test for respiratory viruses in children. This includes the ability to detect coronavirus, influenza, and pneumonia.

The clinical trial assessed the use of its patented Rhinoswab Junior to test children at the Murdoch Children's Research Institute.

The test is designed to cause less discomfort for children compared to standard throat and deep nasal swabs.

The trial recruited 254 children aged between 4 and 18 years showing respiratory symptoms.

It found 82% of children would rather have the Rhinoswab Junior test than the standard combined throat and nose swab.

Meanwhile, 79% of parents and 82% of nurses preferred the children to be tested with Rhinoswab Junior.

The company said these trial results have been presented to local and international "key opinion leaders" and will be reported in a medical journal early in 2022.

Management comment

Commenting on the clinical trial results, Rhinomed CEO Michael Johnson said:

The results of this world first study come at a vitally important time. Testing of children has always been problematic with high testing reluctance due in no small part to the fear and anxiety families have toward the testing process.

As we continue to deal with SARS-CoV-2 and its variants it is critically important that we enable mass, high frequency testing of children. The results of this trial and the previously published results from NSW Health Pathology provide clear evidence that we can easily and quickly test kids.

Rhinomed share price snapshot

The Rhinomed share price has soared by nearly 66% in the past 12 months and 21% in the past month alone.

The company has a market capitalisation of around $75 million based on its current share price.

Motley Fool contributor Monica O'Shea has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. 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.

More on Healthcare Shares

Cropped shot of an attractive young female scientist working on her computer in the laboratory.
Healthcare Shares

CSL share price leaping higher amid $1.9 billion funding news

ASX 200 investors are bidding up the CSL share price on Wednesday.

Read more »

Two happy scientists analysing test results.
Healthcare Shares

Mesoblast share price rockets 36% on breaking FDA news

ASX investors are sending the Mesoblast share price soaring following promising FDA news.

Read more »

a doctor in white coat and stethoscope stands in front of a building holding an electronic device in his hands.
Healthcare Shares

Guess which ASX 200 healthcare share is jumping 7% on a guidance update

This healthcare share is performing better than expected in FY 2024.

Read more »

a biomedical researcher sits at his desk with his hand on his chin, thinking and giving a small smile with a microscope next to him and an array of test tubes and beackers behind him on shelves in a well-lit bright office.
Earnings Results

Chemist Warehouse merger target Sigma reports 149% FY24 profit jump

This could be the last set of results from Sigma as we know it if its merger is approved.

Read more »

Cropped shot of an attractive young female scientist working on her computer in the laboratory.
Healthcare Shares

1 ASX healthcare stock that looks severely undervalued

I think this stock looks too cheap to miss.

Read more »

Stethoscope with a piggy bank and hundred dollar notes.
Healthcare Shares

Own Medibank shares? Here's why it's a rewarding day for you

Shareholders are getting a healthy boost today.

Read more »

Health professional looking at a laptop.
Healthcare Shares

Are CSL shares a must-buy in March?

Let's see what analysts are saying about this high-quality company.

Read more »

A woman jumps for joy with a rocket drawn on the wall behind her.
Healthcare Shares

This ASX healthcare stock is up 72% on FDA news and 'historic moment'

Huge gains are been recorded by this stock on Tuesday. But why?

Read more »