Imugene appoints new director

Imugene (ASX:IMU) has appointed its second-largest shareholder, Otto Buttula, as a non-executive director.

Buttula is an experienced small caps investor and research analyst. He was the co-founder and CEO of IWL Limited, an online financial services company that listed on the ASX in 1999 and was taken over by Commonwealth Bank for $373 million in 2007.

His prior experience also includes founding and being a managing director for Investors Mutual and co-founding Lonsdale Securities. Buttula has been an active investor in the biotech sector since 2012.

Imugene Executive Chairman Paul Hopper, who is Imugene’s largest shareholder, commented that Buttula “has an extraordinary track record of nursing small cap companies along the path to profitability”.

Imugene also announced it is making progress in the search for a new CEO, and negotiations are at an advanced stage.

Executive director Dr Nick Ede has revealed he will resign from the board once a new CEO and managing director is appointed.

Ede is expected to continue to advise the company on areas including managing drug manufacture following his departure.

Imugene (ASX:IMU) shares were trading 7.69% higher at $0.014 as of around 1 pm on Monday.