Rhythm moves into next growth phase, appoints new CEO

By Zachary Graves. Published at Nov 28, 2018, in Technology

Medical diagnostics pioneer, Rhythm Biosciences (ASX:RHY), has made some senior management changes as it moves into its next growth phase, appointing Glenn Gilbert as its CEO.

In turn, Dr Trevor Lockett has transitioned from Managing Director and CEO to Technical Director. His role is now focused primarily on the scientific and technical imperatives of the business. Lockett will also chair the company’s Clinical Advisory Board, and will remain on the RHY Board.

Gilbert, meanwhile, whose new role is effective immediately, has over 15 years of leadership and senior management experience. Prior to joining RHY, he held senior roles at the successful ASX-listed pharmaceutical and device maker, Medical Developments International, most recently as head of sales and marketing, with oversight of global product commercialisation.

He has strong business experience across the UK, Europe, Asia and North America, including in mergers and acquisitions and managing intellectual property. Previously, Gilbert held leadership roles at CSL’s biotherapeutics arm, now known as Seqirus.

“I am excited to be leading the business at a time when the growth opportunity is so strong,” Gilbert said. “The progress made, not only in the past six months, but over several years, has de-risked a large part of the science. This is attributable to Trevor’s guidance and the entire Rhythm team’s commitment and passion to bring our simple, lifesaving blood test to commercial realisation.”

“It is a testament of Trevor’s integrity and commitment to Rhythm and its shareholders that he is supportive of the transition and remains focused on the company’s growth. I am excited to be endorsed as incoming CEO and look forward to contributing further,” Gilbert added.

Rhythm Chairman, Shane Tanner, said: “Rhythm is fortunate to have attracted a person of Glenn’s calibre to lead the business in the next phase of its growth. Crucial next steps are completing clinical trials, regulatory approvals and commercial advancement into domestic and international markets. The company will benefit from Glenn’s networks and experience in growing businesses such as ours”.

“On behalf of the Board, I acknowledge the outstanding work by Dr Lockett for Rhythm over the past 18 months. This has included licensing the current technology from CSIRO, managing the IPO and driving the research and development program,” Tanner added.

“The Board and I are delighted that Trevor, who was instrumental in the original development of ColoSTAT, will continue to drive the technical and scientific areas of our business. We look forward to reporting our progress over the coming months with total shareholder returns front of mind.”

Lockett commented: “Glenn is a highly motivated, competent and capable professional whose impact has already seen the business improve significantly and he is bringing strong disciplines and commercial acumen to the team at just the right time”.

“With the company switching further to commercial priorities, I endorse Glenn’s appointment and look forward to working closely with him.”

A bit more about Rhythm

RHY is developing and commercialising a screening and diagnostic tool for the early detection of colorectal cancer, the third largest cause of cancer-related deaths globally.

The company’s lead product, ColoSTAT®, is intended to be a simple, affordable, minimally invasive and effective blood test. It is expected to be comparable to, if not better than, the current standard of care, the faecal immunochemical test (FIT), at a lower cost. ColoSTAT® also provides an alternative for those who choose not to or are unable to be assessed using standard screening programs.

ColoSTAT® is designed to be used easily by laboratories without the need for additional operator training or additional infrastructure. This product has the potential to play an a pivotal role in reducing the morbidity and mortality rates and healthcare costs associated with colorectal cancer.

S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information only. Any advice is general advice only. Neither your personal objectives, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice.

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