Cancer diagnostics technology company Rhythm Biosciences (ASX:RHY) says it has further progressed its market entry strategy for ColoSTAT in the United Kingdom by establishing a fully-owned subsidiary.
The company said that Otto Buttula and Paul Smith would serve as directors of the US subsidiary.
Rhythm Bioscience has developed the ColoSTAT Test-Kit. It is a blood test for colorectal cancer (CRC) detection. It measures five specific protein biomarkers that indicate the likely presence of CRC. The test can be used as an alternative for individuals unable or unwilling to participate in current screening programs.
The company said the new UK subsidiary would assist in the importation and distribution channels of ColoSTAT into the country and Europe.
Rhythm Bioscience chief financial officer Paul Smith said, “This is an important step in our launch strategy for ColoSTAT in the UK and Europe. Our established subsidiary will provide Rhythm with a critical regional base from which to deliver our simple blood test for CRC to the UK and wider European markets.”