The All Ordinaries Index (ASX: XAO) is down 0.42% in lunchtime trading, but this ASX All Ords biotech stock is bucking the trend.
The Rhythm Biosciences Ltd (ASX: RHY) share price is rocketing 120% higher today to 77 cents.
Let's take a look at what this ASX ALL Ords share reported to the market.
What's going on?
Rhythm shares appear to be storming higher today amid a major regulatory milestone.
The cancer diagnostics company has received UK Conformity Assessment (UKCA) Mark certification for ColoSTAT, a blood test that screens for colorectal cancer. The test is aimed at global mass market screening.
This will enable Rhythm to commercialise, market, and sell ColoSTAT in the United Kingdom, reaching a market of up to 24 million people aged between 45 and 74.
Rhythm is optimistic it will make further inroads with its UK market entry during the 2023 calendar year.
Commenting on the news, Rhythm chief commercial officer Elena Deak said:
The achievement of this regulatory milestone continues to validate our commercial pathway into global markets, with the UK alone representing an addressable population of approximately 24 million people.
Importantly, over time we expect the market size to continue expanding, as various bodies encourage earlier age screening.
The UKCA Mark is a new post-Brexit UK product marking required for products being commercialised in Great Britain.
Share price snapshot
Rhythm shares have declined nearly 40% in the last year. However, with today's gains, they have soared 43% in the last month.
This ASX All Ords share has a market cap of about $255.2 million based on the latest share price.
