Prima BioMed files for NASDAQ listing
- 14 February, 2012 17:18
- Comments 4
Prima BioMed (ASX:PRR) has filed a registration to dual-list in the US, on the NASDAQ stock exchange.
The Sydney-based cancer treatment development company has filed the paperwork with the US Securities and Exchange Commission to list a block of American Depository Receipts (ADRs).
Each ADR to be floated on the NASDAQ Global Market will represent 30 common Prima BioMed shares. The company declined to comment on the expected timing of the US listing.
The process will be managed by the Bank of New York Mellon, Deutsche Bank AG, Noble Financial and Aegis.
Prima BioMed first announced plans for a NASDAQ listing in September 2010, commencing the long road to gaining the required approvals.
Earlier this month, the company enrolled the first participant for an 800 patient trial of its CVac ovarian cancer vaccine.
The company expects to complete enrolment at the 150 centres involved in the trial by the second half of 2013.
Prima BioMed first listed on the ASX in June, 1988. As well as CVac, the company is working on an antibody for Cripto-1 – a protein found in a number of cancers – and an orally administered vaccine for human papillomavirus.
Prima BioMed (ASX:PRR) shares grew 2.8% to $0.185 as Tuesday's close of trading.
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Comments
Tony
I have been following the progress of this company for many years now and have watched it go from strength to strength. The CVac product has huge potential as it may in the future be applied for treatment of several other cancers as well. The company have a very strong management team with experts in their fields and Prima Biomed is in a very sound financial position. Management have been quoted as saying "we know it works, we just have to prove it". The Cvac product is in its infancy but the potential is enormous. I certainly hope that this amazing product can help ease the suffering of women around the world with ovarian cancer.
realitycheck
Unfortunately the company has not gone from strength to strength as the above poster suggests. To date, a lot of shareholders value has been lost. Who knows if the future can reverse that, but its important to clarify that to date investors on the whole have not been the winners. The reality is the P1 and PIIa results were not that impressive - hence its all retail punters on the register. I think a nasdaq listing is required for the company to raise enough capital to fund PIII trials. I don't think its going to be great for current shareholders, more likely highly dilutive - but time will tell i may be wrong. but given the recent blow ups for ONTY and DND i doubt US investor appetite will be what aussie punters are hoping it to be.
as for managements quotes - if you look back through announcements you'll see time after time things have been delayed and delayed. i wouldn't put too much behind the word of biotech managers, they are in desperate need of capital and are likely to say it works no matter what. and whether it work or not is not the answer investors need. investors need to see that it doesn't just work, but for the cost it provides a silver bullet for those with ovarian cancer - that it can really improve progression free survival by a significant amount that warrants the excessive cost of the treatment. it hasn't showed that in its early trials, so lets wait and see if the PIIb results hold much promiss. as for huge potential for several other cancers - i'm not sure if they have the IP for other indications, i know the IP is cloudy for investors to understand, they have some patent agreement with ONTY.
john smith
Dont anyone listen to this realitycheck bloke, he lost a lot of money on these shares and is being a sore loser. PRR provides a great investment for astute investors and should provide strong SP's all the way up. cheers
Wyman
Hi John Smith, Tony and Reality Check.
Is PRR going to perform?? Why won't the shares sell on the NASDAQ?? Is there a rival we don't know about?? Is the share price simply over priced?? Today is the 17.05.12
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