Ann: Appendix 4C - quarterly, page-27

Just had a sqwiz at the other listed company that Otto is the chairman of: OncoSil. They have a much different product to ColoSTAT and their circumstances are quite different to Rhythm's but suffer the same post-CE Mark deal dysfunction. They have had their CE Mark going on two years now and still no revenue action. Rhythm of course has only had its UK tick for a few weeks.

That lack of deal closing does highlight the incompleteness of the CE Mark designation. The designation says the product can be sold in the EU, that it is safe and that it broadly in line with how it is described. But unlike the TGA and FDA approvals it does not make any statement that the product works.

The European procurement teams might have decided to wait for the Study 7 results rather than set up and pay for their own pilot studies.

Still, Otto did say the deal closing for ColoSTAT was expected to be in the "short term".