Pharmaxis to Voluntarily De-List from Nasdaq
13 Luglio 2009 - 1:22AM
PR Newswire (US)
SYDNEY, July 12 /PRNewswire-Asia/ -- Pharmaxis
(ASX:PXS)(NASDAQ:PXSL) today announced a decision to voluntarily
de-list from the Nasdaq Global Market ("Nasdaq"). Pharmaxis has
recently completed a review of the demand from existing and
potential international investors for the secondary listing of its
American Depositary Shares ("ADS's") on Nasdaq and the volume of
Pharmaxis ADS trading in the secondary Nasdaq market. The review
concluded that the benefits of the Nasdaq listing could no longer
justify the related ongoing costs. Pharmaxis will file a Form 25
with the SEC on 23 July 2009 to commence the Nasdaq delisting
process. It is expected that the de-listing will take effect at the
close of trading of Nasdaq on 3 August 2009. Pharmaxis will then
file a Form 15F with the U.S. Securities and Exchange Commission
("SEC") to terminate its registration and to suspend its reporting
obligations under the Securities Exchange Act of 1934. The
Company's primary listing on the Australian Securities Exchange
will continue without change. While the Company's securities will
not be listed on any exchange in the United States after the
deregistration process is complete, Pharmaxis intends to retain its
Level 1 ADS program. Pharmaxis ADS will therefore continue to trade
in the U.S. "over the counter" market. There are no costs
associated with retaining the Level 1 ADS program. All ADS holders
will shortly receive a formal notice advising them of the change in
the program and providing instructions on how to proceed. The
anticipated timetable for the de-listing from NASDAQ and downgrade
of the ADS program is set out as follows (New York time): 3 August
2009 - Termination of NASDAQ listing and change of ADS program 3
August 2009 - Registration with the SEC suspended 21 October 2009 -
Deregistration with the SEC effective CONTACT: David McGarvey Chief
Financial Officer Tel: +61-2-9454-7200 Email RELEASED THROUGH:
Australia: Felicity Moffatt Tel: +61-418-677-701 Email: United
States: Brandon Lewis Trout Group Tel: +1-646-378-2915 Email:
DATASOURCE: Pharmaxis Ltd CONTACT: David McGarvey, +61-2-9454-7200,
; Felicity Moffatt, +61-418-677-701, , both of Pharmaxis; Brandon
Lewis of Trout Group for Pharmaxis, +1-646-378-2915,
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