Merchant Group increases stake in Rhythm Biosciences
Medical diagnostics small cap Rhythm Biosciences Limited (ASX:RHY) has today announced that its new shareholder Merchant Group has increased its equity stake in the company from 5.02% to 7.01%.
This follows the announcement earlier this week detailing the news of Merchant’s substantial investment in the company. At the time RHY CEO Dr Trevor Lockett referred to Merchant as “a supportive equity partner” with an “enviable record of combining thorough research with exceptional returns”.
As always, it should be noted that RHY is a speculative play and anything can happen, so seek professional financial advice if considering this stock for your portfolio.
The Merchant Opportunities Fund is a specialist life sciences fund recognised as a successful and long-term investor in companies close to commercialisation.
The main objective for RHY at this stage of development is to commercialise the company’s simple and effective ColoSTATTM blood test for colorectal cancer.
The small cap is currently in the process of preparing reagents for the ColoSTATTM blood test, after more than a decade of research and development by both RHY and the CSIRO.
Colorectal cancer is the second biggest cause of cancer death in the world, and as such, RHY views ColoSTATTM as a potentially very important tool in the disease’s early diagnosis and treatment.