Bavarian Nordic Establishes a Sponsored Level 1 ADR Program in the US
(Thomson Reuters ONE) -
KVISTGAARD, Denmark, May 29, 2013 - Bavarian Nordic A/S (OMX: BAVA) announced
today that it has established a sponsored Level 1 American Depositary Receipt
(ADR) program in the United States.
An ADR is a receipt that is issued by a depositary bank representing ownership
of a company's underlying shares. ADR programs are created to facilitate U.S.
investors to hold shares in non-U.S. companies and trade them in the same way as
U.S. securities.
"For many years U.S. investors have been an important part of our shareholder
base and we are pleased to offer the sponsored ADR program as a convenient
alternative to take part in our company," said Anders Hedegaard, President & CEO
of Bavarian Nordic. "The ADR program will support our efforts to increase the
U.S shareholder base to reflect our presence in the U.S. biotech industry, which
we have expanded in recent years, particularly through our government contracts
for IMVAMUNE® smallpox vaccine and other medical countermeasures as well as the
late stage development of our PROSTVAC® prostate cancer immunotherapy
candidate."
Deutsche Bank acts as depositary bank for the ADR program. Bavarian Nordic ADRs
will now be available for trading in the U.S. over-the-counter (OTC) market. One
ADR represents one Bavarian Nordic share (1 ADR: 1 ordinary share). The ticker
symbol is BVNRY.
Asger Aamund
Chairman of the Board
Contact
Anders Hedegaard, President & CEO. Phone +45 23 20 30 64
About Sponsored Level 1 ADR program
ADRs are U.S. dollar-denominated negotiable instruments issued by a depositary
bank. They can represent a fraction of a share, a single share, or multiple
shares of the foreign stock. The price of an ADR often tracks the price of the
foreign stock in its home market, adjusted for the ratio of ADRs to the
company's shares, but may vary according to other factors. Level 1 depositary
receipts are the first level of sponsored ADRs that can be issued and may only
be traded on the OTC market. When a company establishes a sponsored ADR program,
it appoints a depositary bank who also acts as its U.S. transfer agent. The
majority of sponsored ADR programs currently trading are Level 1 programs.
About Bavarian Nordic
Bavarian Nordic is a vaccine-focused biotechnology company developing and
producing novel vaccines for the treatment and prevention of life-threatening
diseases with a large unmet medical need. The company's pipeline targets cancer
and infectious diseases, and includes ten development programs. In oncology, the
company's lead program is PROSTVAC®, a therapeutic vaccine candidate for
advanced prostate cancer that is the subject of an ongoing pivotal Phase 3
clinical trial and is being developed under a collaboration agreement with the
National Cancer Institute. In clinical Phase 1 and Phase 2 trials, PROSTVAC® has
been tested in nearly 600 patients. In infectious diseases, the company's lead
program is IMVAMUNE®, a non-replicating smallpox vaccine candidate that is being
developed and supplied for emergency use to the U.S. Strategic National
Stockpile under a contract with the U.S. Government. IMVAMUNE® is currently in
clinical Phase 3 development and marketing authorization applications have been
filed in EU and Canada. For more information, visit www.bavarian-nordic.com.
Forward-looking statements
This announcement includes forward-looking statements that involve risks,
uncertainties and other factors, many of which are outside of our control that
could cause actual results to differ materially from the results discussed in
the forward-looking statements. Forward-looking statements include statements
concerning our plans, objectives, goals, future events, performance and/or other
information that is not historical information. We undertake no obligation to
publicly update or revise forward-looking statements to reflect subsequent
events or circumstances after the date made, except as required by law.
201314uk:
http://hugin.info/100065/R/1705388/564142.pdf
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originality of the information contained therein.
Source: Bavarian Nordic A/S via Thomson Reuters ONE
[HUG#1705388]
Unternehmensinformation / Kurzprofil:
Datum: 29.05.2013 - 08:16 Uhr
Sprache: Deutsch
News-ID 264194
Anzahl Zeichen: 4986
contact information:
Town:
Kvistgård
Kategorie:
Business News
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