Geneva (awp) – Addex Therapeutics is targeting a Nasdaq listing. The company has filed an application for registration of American Depositary Shares (ADS) with the US federal regulatory agency and control of financial markets (SEC), said Tuesday the plan-les-ouatien laboratory.
"ADS titles can be traded in the US no later than the end of November," said General Manager Tim Dyer at AWP. He insisted that no capital increase was planned, as the company did not wish to dilute the value of the securities unnecessarily for current shareholders. The second listing will be with existing securities, the company still being listed on the Swiss Stock Exchange, confirmed Mr. Dyer.
The director explained the company's decision by the current environment for biotech companies in Europe and Switzerland, less favorable than in the US, a market that offers "much more opportunities".
In the wake of the US listing, Addex will make a tour of presentations. "We expect to begin our Phase III program for the product candidate Dipraglurant early in 2020, in the treatment of Parkinson's, so we would have assets to introduce ourselves to investors," said the boss.
ADS securities allow non-US companies to be listed on US dollar markets. Holders of these securities also have access to voting rights and dividends in the same way as holders of common shares.
These announcements seemed to benefit Addex, which took 1.6% to 1.6 franc in an expanded SPI index up 0.24% at 11:43 am.
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