SYDNEY, July 12 Pharmaxis (ASX: PXS; Nasdaq: PXSL)today announced a decision to voluntarily de-list from the Nasdaq GlobalMarket ("Nasdaq").
Pharmaxis has recently completed a review of the demand from existing andpotential international investors for the secondary listing of its AmericanDepositary Shares ("ADS's") on Nasdaq and the volume of Pharmaxis ADS tradingin the secondary Nasdaq market. The review concluded that the benefits of theNasdaq listing could no longer justify the related ongoing costs.
Pharmaxis will file a Form 25 with the SEC on 23 July 2009 to commence theNasdaq delisting process. It is expected that the de-listing will take effectat the close of trading of Nasdaq on 3 August 2009. Pharmaxis will then file aForm 15F with the U.S. Securities and Exchange Commission ("SEC") to terminateits registration and to suspend its reporting obligations under the SecuritiesExchange Act of 1934.
The Company's primary listing on the Australian Securities Exchange willcontinue without change. While the Company's securities will not be listed onany exchange in the United States after the deregistration process iscomplete, Pharmaxis intends to retain its Level 1 ADS program. Pharmaxis ADSwill therefore continue to trade in the U.S. "over the counter" market. Thereare no costs associated with retaining the Level 1 ADS program.
All ADS holders will shortly receive a formal notice advising them of thechange in the program and providing instructions on how to proceed. Theanticipated timetable for the de-listing from NASDAQ and downgrade of the ADSprogram 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 email@example.com RELEASED THROUGH: Australia: Felicity Moffatt Tel: +61-418-677-701 Email: firstname.lastname@example.org United States: Brandon Lewis Trout Group Tel: +1-646-378-2915 Email: email@example.com
SOURCE Pharmaxis Ltd