Rhythm Biosciences receives significant R&D funding

Rhythm Biosciences (ASX:RHY), an Australian leader in predictive cancer diagnostics, has obtained $3.23 million from the Australian Government's Research & Development Tax Incentive program. This funding will support the commercialization of their second-generation ColoSTAT® product and aid in repaying a $1.15 million loan.

Rhythm Biosciences' strategic financial and operational outlook

Rhythm Biosciences has successfully secured $3.23 million from the Australian Government's R&D Tax Incentive program, which includes funds for fiscal years 2023 and 2024. These funds are earmarked to support ongoing operational activities, specifically the commercialization of the ColoSTAT® product, and to repay a $1.15 million loan. The company remains focused on its mission to provide accessible cancer diagnostics and plans to continue leveraging the R&D tax incentive program by filing a claim for the 2025 financial year. Rhythm Biosciences is strategically positioned to further its innovation and market reach, with a commitment to improving global cancer outcomes.

Executive insights on Rhythm Biosciences' progress

The receipt of these R&D funds is crucial in supporting our operational activities and financial strategy. We are committed to delivering our simple, affordable cancer diagnostics to improve patient outcomes globally.