MELBOURNE, Australia, March 26 /PRNewswire-FirstCall/ -- Starpharma , a leader in the development of dendrimer nanotechnology for pharmaceutical and other applications, announced today that it will upgrade its Level 1 American Depository Receipts (ADR) program to International OTCQX, a new premium market tier in the U.S. for international exchange-listed companies, operated by Pink Sheets, LLC.
International OTCQX provides a gateway to U.S. securities markets by giving public international companies a vehicle to have their shares traded in the U.S. and provide ongoing disclosure in English to U.S. investors. More importantly, International OTCQX distinguishes the reputable international issuers from the almost 5,000 over-the-counter (OTC) securities electronically traded on the Pink Sheets. Only leading companies that have substantial operating businesses and provide credible disclosure to the public are eligible for inclusion on the premium-tier International OTCQX, which commenced trading on 5 March 2007.
"This builds on Starpharma's highly successful ADR program, which already accounts for over 10% of the company's issued stock," said Dr. Jackie Fairley, CEO of Starpharma.
"The upgrading of Starpharma's Level 1 ADRs to International OTCQX has a number of advantages as well as providing another tier on our way to Level 2 ADRs. It will also be accompanied by several new US brokers acting as market makers for SPHRY," Dr. Fairley added.
Starpharma's ADRs are deposited with the Bank of New York, which was approved by Pink Sheets on 17 January 2007 as an ADR Principal American Liaison (PAL) for International OTCQX-listed companies.
"We are delighted to approve Starpharma for our new International PrimeQX market tier," said Cromwell Coulson, Pink Sheets CEO. "International OTCQX will make this exciting biotechnology company listed on the Australian Stock Exchange easily accessible to U.S. Investors."
About Starpharma Holdings Limited:
Starpharma Holdings Limited is a world leader in the development of dendrimer nanotechnology for pharmaceutical, life-science and other applications. SPL is principally composed of two operating companies, Starpharma Pty Ltd in Melbourne, Australia and Dendritic Nanotechnologies, Inc in Michigan, USA. Products based on SPL's dendrimer technology are already on the market in the form of diagnostic elements and laboratory reagents. The Company's lead pharmaceutical development product is VivaGel(TM) (SPL7013 Gel), a vaginal microbicide designed to prevent the transmission of STIs, including HIV and genital herpes.
Starpharma's proprietary dendrimer platform, which includes Priostar, also has potential in targeted diagnostics and in drug delivery for a wide variety of drugs. Improvements including enhanced solubility, targeting and reduced toxicity have been demonstrated for a number of existing drugs. More broadly the company, via DNT, is actively exploring dendrimer opportunities in materials science with applications as diverse as adhesives, lubricants and water remediation. SPL has a comprehensive IP portfolio that comprises more than 180 patents/applications issued and pending across 32 patent families -- a unique level of IP concentration among nanotechnology companies.
About Pink Sheets, LLC
Pink Sheets LLC (www.pinksheets.com) is a privately owned company based in New York City. It is the leading provider of services, software, and pricing and financial information for the over-the-counter (OTC) securities markets. Pink Sheets' electronic quotation, trading and disclosure services enhance the efficiency of OTC trading, provide better executions for OTC investors and improve the capital formation process for OTC issuers.
Dendrimers: A type of precisely-defined, branched nanoparticle. Dendrimers have applications in the medical, electronics, chemicals and materials industries.
American Depositary Receipts (ADRs): Starpharma's ADRs trade under the code SPHRY (CUSIP number 855563102). Each Starpharma ADR is equivalent to 10 ordinary shares of Starpharma as traded on the Australian Stock Exchange. The Bank of New York is the depositary bank.
For further information: Media Rebecca Wilson Buchan Consulting Tel: +61 2 9237 2800 Mob: +61 417 382 391 rwilson@bcg.com.au Starpharma (http://www.starpharma.com) Dr Jackie Fairley Chief Executive Officer +61 3 8532 2704 Ben Rogers Company Secretary +61 3 8532 2702 ben.rogers@starpharma.com
StarpharmaCONTACT: Rebecca Wilson of Buchan Consulting, +61-2-9237-2800, Mobile:+61-417-382-391, rwilson@bcg.com.au, for Starpharma; or Dr Jackie Fairley,Chief Executive Officer, +61-3-8532-2704, or Ben Rogers, Company Secretary,+61-3-8532-2702, ben.rogers@starpharma.com, both of Starpharma
