Rhythm Biosciences (ASX:RHY) said initial testing validated the efficacy of its second-generation ColoSTAT diagnostic kit for bowel cancer, according to a Monday filing with the Australian bourse.

Following a serum sample test, the second-generation kit recorded a 0.805 performance value, compared with 0.784 for the first-generation test kit.

Over the coming weeks, the medical diagnostics company will work with contract manufacturing organization, Quansys, to produce the beta version of the assay to develop the commercial version of the algorithm and further verification and validation, the filing said.

Shares of Rhythm Biosciences surged almost 45% at market close on Monday.

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