NEW YORK, April 17, 2012 /PRNewswire/ -- BNY Mellon, the global leader in investment management and investment services, has been selected by Prima BioMed Limited as depositary bank for its American depositary receipt (ADR) program. Each Prima BioMed ADR represents 30 ordinary shares and trades on NASDAQ under the symbol "PBMD." Prima BioMed's ordinary shares trade on the Australian Stock Exchange under the symbol "PRR."
Prima BioMed is a Sydney-based biotechnology company focused on technologies in the cancer immunotherapy field. Prima's lead program is the CVac™ ovarian cancer therapy treatment, which is currently undergoing global clinical trials.
"We believe trading alongside our peers in the U.S. will significantly impact our valuation and liquidity," said Martin Rogers, chief executive officer of Prima BioMed. "Prima's listing on NASDAQ comes at a strategic point in the development timeline for CVac, and it will offer U.S. investors an opportunity to share in the company's planned future growth."
"Prima BioMed is the first Australian company to list an ADR on NASDAQ in seven years," said Michael Cole-Fontayn, CEO of BNY Mellon's Depositary Receipts business. "Biotechnology is a highly competitive and rapidly evolving industry. By launching its ADR program, Prima BioMed will have access to a much larger pool of investors who specialize in this sector."
BNY Mellon acts as depositary for more than 2,500 American and global depositary receipt programs, acting in partnership with leading companies from 65 countries. BNY Mellon is committed to helping securities issuers access the world's rapidly evolving financial markets and delivers a comprehensive suite of depositary receipt services. Learn more at www.bnymellon.com/dr.
BNY Mellon is a global financial services company focused on helping clients manage and service their financial assets, operating in 36 countries and serving more than 100 markets. BNY Mellon is a leading provider of financial services for institutions, corporations and high-net-worth individuals, offering superior investment management and investment services through a worldwide client-focused team. It has $25.8 trillion in assets under custody and administration and $1.26 trillion in assets under management, services $11.8 trillion in outstanding debt and processes global payments averaging $1.5 trillion per day. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Learn more at www.bnymellon.com or follow us on Twitter @BNYMellon.
This release is for informational purposes only. BNY Mellon provides no advice nor recommendation or endorsement with respect to any company or securities. Nothing herein shall be deemed to constitute an offer to sell or a solicitation of an offer to buy securities. Depositary Receipts: Not FDIC, State or Federal Agency Insured; May Lose Value; No Bank, State or Federal Agency Guarantee.
SOURCE BNY Mellon