Turnbull to be the New Chairman of Prima BioMed

The new Chairman of the cancer treatment biotech Company Prima BioMed would be Lucy Turnbull, who is a businesswoman and an investor.

Ms. Turnbull is the wife of Liberal Party politician Malcolm Turnbull and will come in place of the interim chairman of Prima BioMed, Albert Wong, who is also the major shareholder of the Company. Mr. Wong would retain his Deputy Chairman post in the Company.

After the announcement, the share of Prima BioMed went up from 1.5 cents to 14 cents today morning.

Ms. Turnbull has earlier worked as the Chairman of the NSW Government's Ministerial Advisory Committee on Biotechnology, Director of the Sydney Cancer Foundation, and Chair of the Sydney Children's Hospital Foundation.

During 2003 and 2004 period, she was also the Lord Mayor of the City of Sydney.

Presently, Ms Turnbull is the board member of the Cancer Institute NSW and also the board member of Melbourne IT Ltd., which is an Internet-based technology Company.

Prima officials said that they appointed Ms. Turnbull due to her strong experience in commercial legal practice and investment banking.

Ms. Turnbull said, "I look forward to working with the board and management of Prima BioMed, so that one day there may be a viable and effective therapy for ovarian cancer that is based on Australian science and innovation".