01 Dec 2021

Board and Management Restructure

ASX Announcement 1 December 2021 Revision: 1 Date Issued: 00/00/ Rhythm Biosciences Ltd ACN 619 459 335 ASX: RHY www.rhythmbio.com Australian Registered Address Level 2 , 480 Collins Street Melbourne VIC 3 000 Australia T +61 3 9614 0600 E info@ rhythmbio.com Directors Otto Buttula Executive Chairman Glenn Gilbert Managing Director Trevor Lockett Executive Director Louis Panaccio Non - Executive Director Eduardo Vom Non - Executive Director Board and Management Restructure ? Otto Buttula moves from Non - Executive to Executive Chairman ; and ? C hief Executive Officer, Glenn Gilbert appointed to the Board as Managing Director. 01 December 2021, Melbourne: Transformative cancer diagnostics technology company, Rhythm Biosciences Ltd ( ASX: RHY ) ( Rhythm or the Company ) announces a Bo a rd and Management restructure to better reflect the Company’s current and near - term operating structure. The changes a nnounced are effective today 1 December 2021 . Mr Otto Buttula move s to the role of Executive Chairman to formalise his added executive involvement in supporting the Company’s commercial isation pathway . Further, the Board is pleased to welcome the appointment of Mr Glenn Gilbert to the Board as Managing Director, recognising his consistent ly strong performance as C hief E xecutive O fficer . Rhythm Chairman, Otto Buttula, commented: “The Board has decided to make these changes at a pivotal time to leverage Glenn and my joint experience driv ing corporate and commercial scale up activities . Glenn has already established a robust platform that has positioned Rhythm to continue maximis ing value for all stakeholders . I have worked closely with Glenn for some time now and we have developed a strong and symbiotic relationship , consistently aimed at furthering Rhythm’s footprint as a leading diagnostic s company. I view this executive function for the Chair to be a short - term, but important role to provide further executive corporate support to the Company as it enters several critical comme rcialisation agreements across the globe. As a Board , we are delighted to appoint Glenn as a director of the Company. Having observed Glenn in the role of CEO since September 2019, the Board has admired his leadership and team building skills, combined with his strong commitment and tenacious approach to b uilding Rhythm to becoming a truly global company, through the impending launch of our initial product ColoSTAT ® . ” Mr Buttula’s remuneration will change from $84,000 to $150,000 per annum, ex superannuation, while Mr Gilbert ’s remuneration will remain unchanged. - ENDS - Authorised for release by the Board. For further information contact: Glenn Gilbert Chief Executive Officer +61 3 8256 2880 www.rhythmbio.com About Rhythm Biosciences Rhythm Biosciences is focused on becoming a globally significant, transformative, predictive diagnostics company, specialising in cancer detection technology. The Company is currently developing ColoSTAT ® - a simple, low - cost, blood test for global mass market detection of colorectal cancer. Worldwide, colorectal cancer is the third most common cancer in men and the second most common in women, accounting for an estimated 1.9 million new cases and 935,000 deaths annually. In an effort to reduce the global burden, many countries have implemen ted screening programs aimed at early detection. These programs are predominantly administered with a faecal immunochemical test (FIT) for the assessment of colorectal cancer risk, with a positive result referred for a colonoscopy. FIT only analyses the pr esence of blood in faeces, which can occur for several reasons other than cancer, therefore it is not designed as an accurate test for cancer. Many people simply don’t take the test for fear of an unnecessary colonoscopy procedure, unpleasantness, difficul ty, or for religious/cultural reasons. There is currently no appropriate blood test alternative. Rhythm aims to transform the global mass - market for colorectal cancer detection with ColoSTAT ® its simple, low - cost blood test that is fit for purpose, meanin g that it is designed to actually detect colorectal cancer. Since listing on the ASX in 2017, the Company has run a successful multi - year research and development program that has delivered technical validation of the core biomarker technology, being repro ducible and stable. The ColoSTAT ® test - kit was manufactured in 2021 and delivered performance testing that outperforms the current market standard faecal immunochemical test (FIT) utilising Rhythm’s proprietary algorithm. The Company is currently finalisin g its clinical trial for ColoSTAT ® , and is progressing regulatory, manufacturing and scale up activities ahead of market entry in 2022. ColoSTAT ® is designed to be used easily by laboratories without the need for additional operator training or additional infrastructure. ColoSTAT ® has the potential to play a key role in reducing the morbidity and mortality rates and healthcare costs associated with colorectal cancer via increasing current screening rates. Rhythm’s initial targeted global addressable population is over 800 million people which are over 50 years of age. Almost 70%, or 550 million people, are not currently screened for colorectal cancer due to the limitations of the current faecal based testing regime. This “at risk” populat ion is also expanding with the disease growing rapidly in much younger age groups. Early detection and intervention can lead to cure in over 90 per cent of new cases, therefore the need for effective screening and early intervention has the potential to sa ve a significant number of lives. Rhythm estimates today’s colorectal cancer screening market alone to be worth in excess of $38 billion.
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