Lucy Turnbull, the wife of communications minster Malcolm Turnbull, lost a lot of money yesterday.
Lucy Turbull is the chair of biotech junior Prima Biomed. The company was trialling an ovarian cancer drug. Stage two trails showed it had no benefit compared to test patients in the control group.
Prima Biomed’s share price was halved. And Turnbull lost $728,142 on her stake, with shares falling from 8 cents to 4 cents. Worse news is that the company was trailing the drug on patients in their first or second remission.
It was probably not on the Turnbulls’ minds though. According to the Australian Financial Review the couple’s daughter Lucy gave birth to a baby boy, making them grandparents.