LONDON, April 4, 2005 (PRIMEZONE) -- Cancer drug developer Antisoma plc (LSE:ASM) announces today that it intends to list its shares on NASDAQ. As an interim step, the Company will establish a Level I program of American Depositary Receipts (ADRs) to enable dollar-denominated trading of its ordinary shares prior to the listing.
Glyn Edwards, CEO of Antisoma, said, "We already have a significant number of U.S. shareholders. Listing in the U.S. will increase our exposure to the U.S. capital markets, a step that we believe will greatly enhance our long-term growth prospects and our ability to exploit new opportunities for development."
Enquiries: Glyn Edwards, CEO Antisoma plc +44 (0)20 8799 8213
Mark Court/Lisa Baderoon/Rebecca Skye Dietrich Buchanan Communications (UK enquiries) +44 (0)20 7466 5000
Richard Anderson
De Facto Communications (ex-UK enquiries) +44 (0)20 7940 1000
Except for the historical information presented, certain matters discussed in this statement are forward looking statements that are subject to a number of risks and uncertainties that could cause actual results to differ materially from results, performance or achievements expressed or implied by such statements. These risks and uncertainties may be associated with product discovery and development, including statements regarding the company's clinical development programmes, the expected timing of clinical trials and regulatory filings. Such statements are based on management's current expectations, but actual results may differ materially.
Notes to Editors
American Depositary Receipts (ADRs)
Level I ADR
In a Level I or 'sponsored' ADR program, a company's existing publicly-traded shares are converted into U.S.-dollar denominated ADRs. This is not a public listing of the securities: trading of Level I ADRs takes place over the counter on the 'pink sheets.' Initiation of the Level I program requires the filing of a short registration statement with the U.S. Securities and Exchange Commission (SEC), but the company does not as a result become considered as an SEC registrant and is not required to comply with the provisions of the Sarbanes-Oxley Act.
Level II ADR
In a Level II or 'Listed' ADR, the ADRs are listed on one of the major U.S. exchanges and the company is regarded as a foreign registrant by the SEC. The company will need to comply with additional disclosure, reporting and accounting requirements, including reconciliation (or full preparation) of its accounts to U.S. GAAP and be compliant with U.S. securities law, including for accounting periods beginning 1 July 2006, the Sarbanes-Oxley Act (SOA).
Level III ADR
A Level III ADR is required to conduct a public offering of ADRs in the U.S. A form that contains extensive disclosure on the company and its business must be filed for an initial public offering. Level III ADRs are subject to additional legal compliance and periodic disclosure, reporting and accounting requirements.
Background on Antisoma
Based in London, U.K., Antisoma is a biopharmaceutical company that develops novel products for the treatment of cancer. Antisoma fills its development pipeline by acquiring promising new product candidates from internationally recognised academic or cancer research institutions. Its core activity is the preclinical and clinical development of these drug candidates. In 2002, Antisoma formed a broad strategic alliance with Roche to develop and commercialise products from Antisoma's pipeline.
Please visit www.Antisoma.com for further information about Antisoma.