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 $M_{\odot}$ (~ 110 $M_{\odot}$), 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 $M_{\odot}$ pc$^{-1}$ for G350.5-N, and ~45 $M_{\odot}$ 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.