Rhythm Biosciences (ASX: RHY) has announced the appointment of a new director and chair.
The company said Otto Buttula will succeed Shane Tanner. Mr Buttula is a well-known sector specialist and his appointment took effect at the close of the company's annual general meeting yesterday (28 October).
Mr Buttula has had extensive experience in investment research, funds management and information technology, and has held directorships in a number of public companies.
His executive experience includes co-founder, CEO and managing director of IWL, an online financial services company that listed on the ASX in 1999. The company grew from a market capitalisation of $48 million at listing before a takeover in 2007 by Commonwealth Bank of Australia for $373 million. Mr Buttula also founded and was managing director of Investors Mutual, prior to which he was a co-founder and director of Lonsdale Securities.
He has also served on a number of boards, including stockbroking provider Investorfirst and Imugene.
“Otto is an active investor within the Australian biotechnology sector, adopting a disciplined approach to small cap assets, particularly those he deems to be undervalued, with ethical merit and possessing vast upside potential," said Rhythm Biosciences CEO, Glenn Gilbert.
"He has had a long and successful track record of nurturing small cap companies along the path to profitability and/or to potential strategic transactions. Along with the Board, Rhythm’s management team also welcomes him to RHY and I look forward to working alongside him.”
Mr Buttula added, “I have been an investor in RHY since mid-2018 and was attracted to its practical application of mass, simple and affordable screening for colorectal cancer via inexpensive blood tests and its high-quality pedigree emanating from the world renowned CSIRO team. In my view it is undervalued, given ColoSTATis not far from potential commercialisation and encompasses a relatively simple business model with a widespread, worldwide application.”
The company's board also expressed gratitude to Mr Tanner. They said he had been instrumental in leading the company through its Initial Public Offering (IPO) and listing onto the ASX and guided the development of its landmark ColoSTAT technology.