The All Ordinaries Index (ASX: XAO) may be sinking today but that hasn't stopped a couple of ASX healthcare shares from racing higher.
Here's why these two All Ords shares are smashing the index on Thursday:
Immutep Ltd (ASX: IMM)
The Immutep share price is up 5% to 31 cents. This morning the biotechnology company announced that a late-breaking abstract relating to its phase II TACTI-002 trial has been accepted for an oral presentation at the Society for Immunotherapy of Cancer (SITC) Annual Meeting 2022 this month.
The release notes that the presentation will include new clinical data for eftilagimod alpha (efti), its first-in-class soluble LAG-3 protein, in combination with pembrolizumab in 1st line non-small cell lung cancer (NSCLC) patients.
Last month, fast track designation was granted by the US FDA for efti in combination with pembrolizumab in 1st line NSCLC. This offers the potential for expedited development and review.
Rhythm Biosciences Ltd (ASX: RHY)
The Rhythm Biosciences share price is up almost 9% to $1.24. Investors have been buying this cancer diagnostics technology company following the release of an announcement relating to its ColoSTAT product.
According to the release, the company has continued the expansion of its international regulatory footprint after successfully registering ColoSTAT with the New Zealand national database of Medical Devices. This allows the lifesaving colorectal cancer detection technology to be marketed and sold in the country.
Rhythm's CEO and managing director, Glenn Gilbert, commented:
Bowel cancer is the second highest cause of cancer death in New Zealand and a growing issue with 1 in 10 now diagnosed under the age of 50. ColoSTAT is a simple blood test which has the potential to make a material impact on health outcomes through mass screening for higher participation to achieve early diagnosis. We look forward to working with the Ministry of Health's National Screening Unit to enhance New Zealand's National Bowel Screening Programme.
