JPMorgan says UK issuer BioProgress has appointed it as depositary bank for its American Depositary Receipt (ADR) programme. Listed on the London Stock Exchange’s AIM market, BioProgress provides “innovative delivery mechanisms” for the oral drugs. The company is the first new UK issuer to list ADRs in 2004, having listed on NASDAQ on 20 October.
“JPMorgan is the natural choice as depositary for our ADR listing,” says Graham Hind, Chief Executive Officer of BioProgress. “We recently signed exciting new business agreements with a number of leading US based companies and feel that JPMorgan is the best bank to help us take advantage of US interest in our company.”
Patrick Colle, global head of ADRs at JPMorgan Institutional Trust Services, says he is pleased to get the mandate.
JPMorgan claims to manage over 40% of the ADR market’s capitalisation globally. In the U.K., JPMorgan has over 20 ADR clients.