The Rhythm Biosciences Ltd (ASX: RHY) share price has been a strong performer on Thursday.
In afternoon trade, the early cancer detection-focused predictive diagnostics company's shares are up 6% to 90 cents.
This latest gain means the Rhythm Biosciences share price is now up over 1,000% during the last 12 months.
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Why is the Rhythm Biosciences share price charging higher today?
The catalyst for the rise in the Rhythm Biosciences share price on Thursday has been the release of an update on its US expansion strategy.
According to the release, the company has established a wholly owned US domiciled entity, IchorDX, as part of its US market entry plan. Management notes that this will enable Rhythm to pursue its international expansion activities for ColoSTAT in one of its largest priority markets.
ColoSTAT is the company's lead product and intended to be a simple, affordable, minimally invasive and effective blood test for the early detection of bowel cancer.
The release highlights that the US market represents one of the largest diagnostic markets in the world, with a current addressable market of over 94 million people. It also sees scope for this number to grow in the short term by a further 21%. This follows the US Preventative Services Task Force's recommendation that the colorectal cancer screening age be reduced from 50 to 45 years of age.
In light of this, it isn't hard to see why the Rhythm Biosciences share price is on the rise again today.
Rhythm's CEO, Glenn Gilbert, commented: "The establishment of IchorDX, Inc., in the US demonstrates our commitment to accelerate our international expansion plans, offer additional optionality to our corporate structure and aim to create a global footprint for Rhythm's transformative cancer detection technology."
"The reality is that the global need for a simple and accurate mass screening blood test for colorectal cancer is growing. This first step to enter the US market moves Rhythm closer to meeting this need," he added.
