MELBOURNE, Australia, July 9 /PRNewswire-FirstCall/ -- Phosphagenics
Limited (ASX: POH; AIM: PSG; OTCQX: PPGNY) today announced that its Level 1
American Depository Receipts (ADR) will begin trading at market open today
on the International OTCQX, a new premium market tier in the U.S. for
international exchange-listed companies, operated by Pink Sheets, LLC.
Launched in March 2007, the International OTCQX provides a gateway to
the U.S. securities markets for international companies that are listed on
a qualified international exchange and provide ongoing disclosure to U.S.
investors. International OTCQX is designed to distinguish reputable
international issuers from the thousands of over-the-counter (OTC)
securities traded in the U.S. through a strict focus on companies with
solid operating businesses that provide credible disclosure to investors.
"Upgrading to the OTCQX market enhances our U.S. investor visibility
and improves our access to the most liquid market in the world," said Harry
Rosen, President and CEO of Phosphagenics. "Offering our securities on the
OTCQX market significantly enhances our U.S. focus, and complements our
recently established U.S. corporate presence and investor relations
program, as well as our U.S. business development activities."
Jane Street Markets acts as a market maker for Phosphagenics' ADRs,
which are deposited with The Bank of New York Mellon, the Company's
Principal American Liaison (PAL).
OTCQX is a new market tier organized by Pink Sheets, LLC, which sets
apart a select group of issuers as worthy of consideration by US investors.
Qualified issuers use the efficient and robust OTCQX listing process to
provide credibility and visibility of disclosure to investors. OTCQX is
designed to meet the needs of small to medium sized, publicly-traded U.S.
companies and non-U.S. companies listed on qualified international stock
For more information, please visit http://www.otcqx.com
About Phosphagenics Limited
Phosphagenics is a Melbourne-based, globally driven biotechnology
company focused on the discovery of new and cost effective ways to enhance
the bioavailability, activity, safety and delivery of proven pharmaceutical
and nutraceutical products. The Company's core technology is built around
the science and application of phosphorylation, a process where the
addition of a phosphate group has been found to enhance the
bioavailability, activity and safety of existing pharmaceuticals and
nutraceuticals, as well as to assist in the production of drug delivery
platforms. Phosphagenics' shares are listed on the Australian Stock
Exchange (POH) and the London Stock Exchange's Alternative Investment
Market (PSG). In March 2006, an ADR - Level 1 program was established in
the US with The Bank of New York Mellon (PPGNY) for US investors to trade
in Phosphagenics' stock on the 'over-the-counter' market. This has now been
upgraded to the International OTCQX, a new premium market tier in the US
for international exchange-listed companies, operated by Pink Sheets, LLC.
For more information, please visit Phosphagenics' web site at
SOURCE Phosphagenics Limited