Why the Rhythm Biosciences (ASX:RHY) share price rocketed 28% to a record high

The Rhythm Biosciences Ltd (ASX: RHY) share price was an outstanding performer on Friday.

At one stage, the medical device company’s shares were up 28% to a record high of 95 cents.

The Rhythm Biosciences share price eventually ended the day 17.5% higher at 87 cents.

Why is the Rhythm Biosciences share price rocketing higher?

Investors were buying the company’s shares this week due to the release of a positive announcement.

Earlier this week, Rhythm Bioscience revealed that it has appointed France-based Biotem as the global manufacturer of its ColoSTAT test-kit.

Management advised that Biotem was chosen following a robust due diligence process to select a manufacturer for the product that could execute on its ambition to…