The Bank of New York has been selected by Protherics PLC as depositary bank for its listed American depositary receipt (ADR) program. Each Protherics ADR represents ten ordinary shares. The ADRs trade on the NASDAQ Stock Market under the symbol “PTIL,” and the ordinary shares are listed on the London Stock Exchange.
Headquartered in London, Protherics is a biopharmaceutical company engaged in the development, manufacture and sale of pharmaceutical products.
Andrew J. Heath, PhD, M.D., chief executive officer of Protherics, said, “As we expand our presence in the U.S., Protherics wanted to work with a depositary bank that would help streamline our program’s administration and generate the greatest visibility, and we are confident that The Bank of New York will help us meet those challenges.”
Christopher Sturdy, managing director and head of The Bank of New York’s Depositary Receipt Division, said, “As the depositary bank for nearly 80% of all DR programs from pharmaceutical and biotechnology companies, we know the sector well and have the expertise necessary to help Protherics raise market awareness and stimulate interest in its program.”