Protherics to list ADRs on Nasdaq, appoints Piper Jaffray as U.S. financial adviser

By Jennifer Chiou

New York, Sept. 23 - Protherics plc announced it received preliminary approval from The Nasdaq Stock Market to establish a level II American Depository Receipt program.

The Bank of New York is the depositary bank for the program.

Listing is expected to begin on Sept. 27 under the symbol "PTIL" on the Nasdaq National Market.

Each ADR will represent 10 Protherics shares.

The company said its shares will continue to trade on the London Stock Exchange.

Protherics also announced Piper Jaffray as its U.S. financial adviser and U.K. joint broker with Code Securities.

"It is our long-term strategy to expand our presence in the U.S.," chief executive officer Andrew Heath said in a news release.

"The majority of our revenue stream is derived from the U.S. and we are looking to attract additional products to distribute through our U.S. sales force."

Based in London, Protherics is a biopharmaceutical company focused on critical care and oncology. Its lead programs are Voraxaze for methotrexate toxicity and CytoFab for severe sepsis.

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