GeneMedix appoints Bank of New York for Nasdaq listing
GeneMedix, the UK biopharmaceutical company with operations in Europe and Asia and with joint London and Singapore Stock Exchange listings, took its first steps in its plans to list on Nasdaq with the appointment of the Bank of New York as its depositary bank for a Level One American Depositary Receipt (ADR) program.
GeneMedix, the UK biopharmaceutical company with operations in Europe and Asia and with joint London and Singapore Stock Exchange listings, took its first steps in its plans to list on Nasdaq with the appointment of the Bank of New York as its depositary bank for a Level One American Depositary Receipt (ADR) program.
The New York based investment bank, Global Markets Capital Group, will manage the listing process. This is a sponsored program which minimises any financial outlay to the company and it will allow US investors to directly purchase the company's shares.
Once the Level One program is declared effective by the US Securities and Exchange Commission (SEC), GeneMedix will prepare a Form 20-F for lodgement with the SEC as part of its next step of achieving the more significant Level Two ADR program. A Level Two ADR program is a US listing (with US GAAP and full SEC compliance). The listing will allow for GeneMedix ADRs to trade on the fully automated, screen based Small Cap Nasdaq market. Paul Edwards, ceo, GeneMedix, stated: 'The program will allow GeneMedix to access the very important US capital markets, where there is tremendous investor interest in the emerging field of biogenerics.'