Home > Press > Starpharma Joins International OTCQX, a New Premium Market Tier for OTC Securities in the U.S.
Starpharma(ASX: SPL, OTC: SPHRY), a leader in the development of dendrimer
nanotechnology for pharmaceutical and other applications, announced today
that it will upgrade its Level 1 American Depository Receipts (ADR) program
to International OTCQX, a new premium market tier in the U.S. for
international exchange-listed companies, operated by Pink Sheets, LLC.
Starpharma Joins International OTCQX, a New Premium Market Tier for OTC Securities in the U.S.
MELBOURNE, Australia | Posted on March 26th, 2007
International OTCQX provides a gateway to U.S. securities markets by
giving public international companies a vehicle to have their shares traded
in the U.S. and provide ongoing disclosure in English to U.S. investors.
More importantly, International OTCQX distinguishes the reputable
international issuers from the almost 5,000 over-the-counter (OTC)
securities electronically traded on the Pink Sheets. Only leading companies
that have substantial operating businesses and provide credible disclosure
to the public are eligible for inclusion on the premium-tier International
OTCQX, which commenced trading on 5 March 2007.
"This builds on Starpharma's highly successful ADR program, which
already accounts for over 10% of the company's issued stock," said Dr.
Jackie Fairley, CEO of Starpharma.
"The upgrading of Starpharma's Level 1 ADRs to International OTCQX has
a number of advantages as well as providing another tier on our way to
Level 2 ADRs. It will also be accompanied by several new US brokers acting
as market makers for SPHRY," Dr. Fairley added.
Starpharma's ADRs are deposited with the Bank of New York, which was
approved by Pink Sheets on 17 January 2007 as an ADR Principal American
Liaison (PAL) for International OTCQX-listed companies.
"We are delighted to approve Starpharma for our new International
PrimeQX market tier," said Cromwell Coulson, Pink Sheets CEO.
"International OTCQX will make this exciting biotechnology company listed
on the Australian Stock Exchange easily accessible to U.S. Investors."
About Starpharma Holdings Limited
Starpharma Holdings Limited (ASX: SPL, OTCQX: SPHRY) is a world leader
in the development of dendrimer nanotechnology for pharmaceutical,
life-science and other applications. SPL is principally composed of two
operating companies, Starpharma Pty Ltd in Melbourne, Australia and
Dendritic Nanotechnologies, Inc in Michigan, USA. Products based on SPL's
dendrimer technology are already on the market in the form of diagnostic
elements and laboratory reagents. The Company's lead pharmaceutical
development product is VivaGel(TM) (SPL7013 Gel), a vaginal microbicide
designed to prevent the transmission of STIs, including HIV and genital
Starpharma's proprietary dendrimer platform, which includes Priostar,
also has potential in targeted diagnostics and in drug delivery for a wide
variety of drugs. Improvements including enhanced solubility, targeting and
reduced toxicity have been demonstrated for a number of existing drugs.
More broadly the company, via DNT, is actively exploring dendrimer
opportunities in materials science with applications as diverse as
adhesives, lubricants and water remediation. SPL has a comprehensive IP
portfolio that comprises more than 180 patents/applications issued and
pending across 32 patent families -- a unique level of IP concentration
among nanotechnology companies.
About Pink Sheets, LLC
Pink Sheets LLC ( http://www.pinksheets.com ) is a privately owned company based
in New York City. It is the leading provider of services, software, and
pricing and financial information for the over-the-counter (OTC) securities
markets. Pink Sheets' electronic quotation, trading and disclosure services
enhance the efficiency of OTC trading, provide better executions for OTC
investors and improve the capital formation process for OTC issuers.
Dendrimers: A type of precisely-defined, branched nanoparticle.
Dendrimers have applications in the medical, electronics, chemicals and
American Depositary Receipts (ADRs): Starpharma's ADRs trade under the
code SPHRY (CUSIP number 855563102). Each Starpharma ADR is equivalent to
10 ordinary shares of Starpharma as traded on the Australian Stock
Exchange. The Bank of New York is the depositary bank.
For more information, please click here
Tel: +61 2 9237 2800
Mob: +61 417 382 391
Starpharma ( http://www.starpharma.com )
Dr Jackie Fairley
Chief Executive Officer
+61 3 8532 2704
+61 3 8532 2702
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