BNY Mellon has been appointed by Australian biotechnology company Prima BioMed as depository 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.”