Rhythm Biosciences acquires Genetype assets

Rhythm Biosciences (ASX:RHY), a leader in cancer diagnostics technology, has finalized the acquisition of Genetype assets from Genetic Technologies Ltd. This includes assets in both Australia and the US. The acquisition involves necessary cash payments and the assumption of employee entitlements, promising accelerated development opportunities.

Overview of Rhythm's strategic acquisition

Rhythm Biosciences (ASX:RHY) has acquired specific assets related to the Genetype Business from Genetic Technologies Ltd. This acquisition is expected to enhance Rhythm's cancer diagnostics capabilities and accelerate development opportunities. The integration of Genetype's assets aligns with Rhythm's goal of improving early cancer detection, particularly through its ColoSTAT® Test-Kit for colorectal cancer. The company remains committed to reducing the global cancer burden and exploring partnerships for the commercialization of its diagnostic solutions.

CEO commentary on strategic acquisition

We are pleased to have completed the acquisition of these assets. This transaction provides immediate opportunities and strengthens our position in the cancer diagnostics field. We look forward to integrating the employees into Rhythm, which will enhance our capabilities.