MELBOURNE, Australia, Jan. 13 /PRNewswire-FirstCall/ -- Starpharma Holdings Limited announced today that it has completed establishment of a Level 1 American Depositary Receipts (ADR) Program.
Under approval granted by the US Securities Exchange Commission, investors can now purchase Starpharma ADRs on the US Over-the-Counter market.
Starpharma CEO John Raff described the ADR program as an important step to facilitate trading of Starpharma securities by US nanotechnology investors.
"Starpharma is the first company in the world to initiate FDA-approved human clinical testing of a nanotech-based drug. We also have a substantial presence in US nanotechnology, based upon our strategic investment in Dendritic Nanotechnologies, Inc (http://www.dnanotech.com/), which is currently unlisted. There is significant interest in our securities among US investors, and we have established this ADR program to make the process of investing easier," commented Raff.
Each Starpharma ADR will be equivalent to 10 ordinary shares of Starpharma as traded on the Australian Stock Exchange. Starpharma ADRs will trade under the code SPHRY (CUSIP number 855563102). The Bank of New York is the depositary bank.
Starpharma is a world leader in the development of pharmaceuticals based upon a novel class of nanotechnology chemicals called dendrimers. VivaGel(TM), the company's polyvalent microbicide for HIV prevention, was named one of the Top 5 Nanotech Breakthroughs of 2004 by the respected US publication, the Forbes/Wolfe Nanotech Report. Starpharma recently announced successful phase 1 clinical trial results for VivaGel(TM).
In addition to the VivaGel(TM) program, Starpharma is developing dendrimers for other polyvalent pharmaceutical applications. The company's proprietary dendrimer platform technology provides unique benefits for the design and synthesis of a very broad range of compounds suited to life sciences applications, and in particular as pharmaceuticals. Dendrimers' "bio-friendly" properties, cost of production and precise, reproducible manufacturing provide unique opportunities for the company to develop and exploit the technology for high value applications such as pharmaceuticals.
Starpharma Holdings Limited is focused on the development and application of dendrimer nanotechnologies as drugs against major diseases. VivaGel(TM) is a topical microbicide gel product that has been developed for women as a preventative against the sexual transmission of HIV. It is also active in animal studies for the prevention of other sexually transmitted diseases including genital herpes and Chlamydia. SPL also has an equity interest in a US based company -- Dendritic Nanotechnologies, Inc. (DNT) -- established with the US pioneer of dendrimer nanotechnology Dr Donald A. Tomalia.
A microbicide inactivates, kills or destroys microbes. Microbicides may be formulated as gels, creams, sponges, suppositories or films with the purpose of reducing significantly the incidence of STDs. There are currently no vaginal microbicides on the market. They are intended for vaginal or rectal use to afford protection for varying periods, from several hours up to days. Microbicides may also be designed to have a contraceptive function by inhibiting sperm.
Dendrimers are a type of nanoparticle. They are man-made chemicals that form tiny balls made up of a dense network of branches. Dendrimers have applications in the medical, electronics, chemicals and materials industries.
Starpharma Holdings Limited