Directors’ Trades: Otto Buttula buys another $580k of Rhythm Biosciences shares
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Just under two years since Otto Buttula became chairman of Rhythm Biosciences (ASX:RHY), it has gained over 500% since – and the boss of the high flying biotech just chipped more in.
Buttula, who in the past has headed financial services firms IWL and Investors Mutual, became chairman of Rhythm in late October 2019 at a time when it was uncertain if the company was going anywhere.
He was an investor prior to that, owning 1.5 million shares at the time he stepped into the hot seat. Back then, the share price was 15 cents; it’s now over $1.
Since he joined the company the pace has picked up as the company validated its technology, obtained patents, recruited for its major clinical trial and made the first steps to secure regulatory approval in Australia and Europe.
Three of his colleagues also chipped in smaller amounts – Lou Panaccio bought $17,000, Eduardo Vom bought $75,494 and Trevor Lockett bought $3,400.
Cann Group (ASX:CAN), which is one of the companies trying to get a CBD product to pharmacy shelves, also completed a capital raising and five directors chipped in. Three parcels were $100,000 or more.
Allan McCallum bought $150,000, Doug Rathbone bought $100,000 and Philip Jacobsen bought $750,000.
Jason Gomersall, from telco Vonex (ASX:VN8), bought $373,654 in a placement.
Speaking of high flyers like Rhythm, another two are fashion outlets Cettire (ASX:CTT) which has grown from 50 cents a share to $3.35 in just under a year since listing and Universal (ASX:UNI) which has grown from $3.80 per share to $7.51.
According to the Appendix 3Y, those shares were allocated as part of a “STVR Deferred Equity Plan” in 2017 and 2019 and the restrictions on selling were recently removed.