EANS-News: Intercell AG
Intercell launches Level I ADR program in the Unites
States
Wien (euro adhoc) -
» ADRs to provide a more convenient way for US investors to invest in Intercell » Each ADR will represent one Intercell AG ordinary share » Intercell's shares are listed and will continue to trade on the Vienna Stock Exchange (VSE) - ADRs are expected to be quoted on the OTCQX International market under the symbol "INRLY"
Corporate news transmitted by euro adhoc. The issuer/originator is solely responsible for the content of this announcement.
finances
Vienna (Austria), May 7, 2009 - Intercell AG announced today that it has launched a sponsored Level I American Depositary Receipt (ADR) facility in the United States. The Bank of New York Mellon has been appointed as the Company's depositary bank for this facility and will start issuing U.S. dollar denominated ADRs as of today. Each ADR will represent one Intercell AG ordinary share.
Intercell's shares are listed and will continue to trade on the Vienna Stock Exchange (VSE). To enhance trading of its ADRs, Intercell has applied to have its ADRs quoted on the OTCQX International market, a leading electronic listing and disclosure platform for qualified foreign issuers on the U.S. over-the-counter (OTC) securities market. Intercell ADRs will trade under the symbol "INRLY".
"The ADR program is an additional step to expand our reach to investors in the United States," said Reinhard Kandera, Intercell's Chief Financial Officer. "We have recently received U.S. approval for our first product - IXIARO, a novel vaccine against Japanese Encephalitis, - we have a sizable U.S. research and development operation in Gaithersburg, Maryland, and our advanced clinical pipeline in the area of hospital-acquired infections and patch vaccines has received a lot of attention from U.S. healthcare equity investors. The launch of an ADR program and the OTCQX quotation are logical next steps to further develop our relationship with current and future U.S. shareholders."
About ADRs
An American Depositary Receipt (ADR) is a negotiable U.S. security that represents a company's publicly traded equity or debt. Depositary Receipts are created when a broker purchases a non-U.S. company's shares on its home stock market and delivers the shares to the depositary's local custodian bank, and then instructs the depositary bank, such as The Bank of New York Mellon, to issue Depositary Receipts. In addition, Depositary Receipts may also be purchased in the U.S. secondary trading market. Level I ADRs may trade freely just like any other security in the over-the-counter (OTC) market. More information on ADRs is available at www.adrbnymellon.com.
About OTCQX
OTCQX provides a gateway to U.S. securities markets for international companies that are listed on a qualified non-U.S. exchange and provide ongoing disclosure in English to U.S. investors. More importantly, OTCQX distinguishes the reputable international issuers from the 9,000 over-the-counter (OTC) securities traded in the United States. OTCQX quotation is not a stock exchange listing, and issuers are not subject to regulatory requirements such as Sarbanes Oxley compliance or U.S.-GAAP reporting. For more information about OTCQX, visit www.otcqx.com.
end of announcement euro adhoc
Further inquiry note:
Intercell AG
Lucia Malfent
Head of Corporate Communications
Tel. +43 1 20620-1303
lmalfent@intercell.com
Branche: Biotechnology
ISIN: AT0000612601
WKN: A0D8HW
Index: ATX Prime, ATX
Börsen: Wiener Börse AG / official market