Cambridgeshire, UK, Dec. 13, 2004 (PRIMEZONE) --
Press Release 21 October 2004
BioProgress plc
("BioProgress" or "the Company")
NASDAQ listing
BioProgress plc ("BioProgress") (AIM: BPRG; NASDAQ: BPRG), the provider of innovative delivery mechanisms for the pharmaceutical oral dosage markets, today lists its American Depositary Shares ("ADSs") on the NASDAQ National Market ("NASDAQ") under the ticker symbol "BPRG."
Graham Hind, Chief Executive of BioProgress said: "Our NASDAQ listing will increase the Company's visibility in the world's largest capital market on the back of what have recently become significant US-based operations and agreements; as well as creating a more efficient trading platform for BioProgress's US-based shareholders and attracting new ones."
"We're excited about today's listing as it reflects BioProgress's stature as a growing influence and major player in the global encapsulation market. BioProgress has the right technology at the right time, with pharmaceutical and dietary supplements industries under growing pressure worldwide to replace animal-derived materials-we are providing a fast, efficient and cost-effective alternative."
BioProgress has agreements in place with Wyeth, Perrigo, FMC BioPolymer, BMS ConvaTec, Colgate Palmolive, and others and the Company's strategy is aimed at seizing market opportunities and maximizing the potential of its innovative proprietary technologies.
No new shares will be issued in conjunction with the NASDAQ listing and one ADR share will represent ten Ordinary Shares in the Company.
BioProgress's Ordinary Shares are listed in the United Kingdom on the AIM (Alternative Investment Market) under the ticker symbol "BPRG" and the Company believes it is AIM's most traded stock with an average daily volume of 2.9 million shares since the beginning of 2004.
JPMorgan Chase Bank has been appointed as the US depositary for BioProgress' ADR's listing on the NASDAQ.
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Forward-Looking Information.
The Ordinary Shares of BioProgress plc are registered under the US Securities and Exchange Act of 1934. This announcement contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may vary materially from the expectations contained in the forward-looking statements. The forward-looking statements in this release include statements addressing future financial and operating results and the timing and benefits of the reorganisation. Detailed information about factors pertinent to the business of the company that could cause actual results to differ is set forth in the Company's filings with the Securities and Exchange Commission. The Company is under no obligation to (and expressly disclaim any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise. This announcement is for information only and does not constitute an offer or invitation to acquire or dispose of any securities or investment advice. The distribution of the announcement and/or issue of securities in certain jurisdictions may be restricted by law. Persons into whose possession this announcement comes are required to inform themselves about and to observe such restrictions.
Notes to editors:
BioProgress listed on AIM in May 2003 and is engaged in the research, development, and design of patented encapsulation systems that use water soluble and biodegradable films for the dietary supplement, pharmaceutical and other sectors. The Company's portfolio comprises over 80 patents granted or in application within 24 patent families and has product development agreements and strategic alliances with several global companies. BioProgress aims to provide a cost effective and animal-free encapsulation process for pharmaceutical drugs in liquids, tablets and powders, thereby addressing the needs of the entire market for oral dosage forms while providing novel delivery mechanisms not possible with traditional processes.
The Company has also developed patented and licensed the world's first flushable ostomy pouch that offers a newly enhanced quality of life not previously possible for the end user. Market research shows the global ostomy market to be worth $1 billion annually.
The Company's business model provides it with several significant revenue streams including sales of encapsulating machines and film, plus licence and fees for research development services.
This information is provided by RNS
The company news service from the London Stock Exchange