CAMBRIDGE, U.K., Aug. 18, 2004 (PRIMEZONE) -- Phytopharm plc (LSE:PYM) ("Phytopharm") announces today the establishment of a Level-I American Depositary Receipt (ADR) program and its intention to list on Nasdaq. The Level-I program represents the first step in listing Phytopharm's securities on Nasdaq. The Bank of New York has been appointed as the depositary bank for the Level-I ADR program and the New York-based investment bank, Global Markets Capital Group, LLC will manage the listing process.
The code for Phytopharm's ADR is PHYOY and its CUSIP number is 71942W101. Each Phytopharm ADR represents two ordinary shares of Phytopharm, as traded on the London Stock Exchange. Trading activity may be viewed on the Bloomberg website, www.bloomberg.com.
"Phytopharm sees this as an important first step towards achieving a full US listing of our shares," said Dr. Richard Dixey, CEO of Phytopharm.
"An ADR program will allow Phytopharm to penetrate the very important US capital markets. There is considerable US investor interest in our portfolio, particularly our products for obesity, Alzheimer's and motor neurone disease (Lou Gehrig's disease), and it is important that US investors have a convenient mechanism to buy our securities. This ADR program will facilitate the purchase of Phytopharm shares by US investors."
ABOUT PHYTOPHARM
Phytopharm is a leading company in the development of Botanical pharmaceuticals. These plant-based medicines, manufactured to pharmaceutical standards, can be clinically evaluated in chronic and poorly understood diseases. Where novel modes of action are discovered, such research can form the basis for drug discovery platforms, which enable the development of new medicines and the isolation of single chemical entities of clinical importance. Phytopharm has four drug discovery platforms in full development, for metabolic disease, neurodegeneration, inflammation and dermatology. For more information, visit the company's website at www.phytopharm.com.
For the benefit of shareholders the following information is provided:
ABOUT AMERICAN DEPOSITARY RECEIPTS (ADRS)
ADRs are commonly used to facilitate U.S. investors investing in foreign companies not listed in the USA. An ADR is created when a broker purchases the company's shares on the home stock market and delivers those to the depositary's local custodian bank, which then instructs the depositary bank, The Bank of New York, to issue ADRs. Level-I ADRs may trade freely, just like any other security, in the U.S. Over-the-Counter (OTC) market.
This information is provided by RNS The company news service from the London Stock Exchange