We investigate the global properties of the straight and isolated filamentary cloud G350.54+0.69 using Herschel continuum and APEX molecular line data. The overall straight morphology is similar to two other well studied nearby filaments (Musca and Taurus-B211/3) while the isolated nature of G350.54+0.69 appears similar to Musca. G350.54+0.69 is composed of two distinct filaments with a length ∼ 5.9 pc for G350.5-N (∼ 2.3 pc for G350.5-S), a total mass of ∼ 810 M (∼ 110 M ), and a mean temperature of ∼ 18.2 K (∼ 17.7 K). We identify 9 dense and gravitationally bound cores in the whole cloud G350.54+0.69. The separations between cores and the line mass of the whole cloud appear to follow the predictions of the "sausage" instability theory, which suggests that G350.54+0.69 could have undergone radial collapse and fragmentation. The presence of young protostars is consistent with this hypothesis. The line masses of the two filaments (∼ 120 M pc −1 for G350.5-N, and ∼ 45 M pc −1 for G350.5-S), mass-size distributions of the dense cores, and low-mass protostars collectively suggest that G350.54+0.69 is a site of ongoing low-mass star formation. Based on the above evidence, we place G350.54+0.69 in an intermediate evolutionary state between Musca and Taurus-B211/3. We suggest that investigations into straight (and isolated) versus those distributed inside molecular clouds may provide important clues into filament formation and evolution.2 Hi-GAL, the Herschel infrared Galactic Plane Survey, is an Open Time Key project on the Herschel Space Observatory (HSO) aiming to map the entire Galactic Plane in five infrared bands. This survey covers a |b| < 1 • wide strip of the Milky Way Galactic plane in the longitude range −60 • < l < 60 • .