just having a quick backtrack at to the history of the proposed Nasdaq listing and the intitial announcement to the market ...
.. some comments and thoughts below the announcement .. ..
" ASX/Media Release 30 September 2010 PRIMA BIOMED ANNOUNCES PLANS TO LIST ON NASDAQ
Australian healthcare company Prima BioMed Ltd (ASX: PRR) (Prima) is pleased to announce plans to list on the NASDAQ Global Market (NASDAQ) in the United States.
Subject to approval by NASDAQ of Prima’s listing application, the Company will have dual listings of its securities on both the Australian Securities Exchange (ASX) and NASDAQ. Post the NASDAQ listing it is anticipated that there will be one NASDAQ share for every 30 Prima ASX-listed shares.
The Company advises it is in the process of lodging the requisite 20-F Form with the United States Securities Exchange Commission, and it anticipates a response from the US regulator in 60-90 days.
Prima’s proposed NASDAQ listing will be a Level II ADR compliance listing, and is being managed by Bank of New York Mellon and US broking house National Securities Corporation. The aim of the NASDAQ listing is to provide a listed structure that will better meet the needs of both the Company’s Australian and US investor bases, and to provide increased liquidity for Prima BioMed securities. NASDAQ is the largest electronic screen-based equity securities trading market in the US.
Commenting on the proposed NASDAQ listing Prima Biomed Managing Director Martin Rogers said: “The proposed NASDAQ listing comes at a time of significant developments with our core cancer treatment product, the CVac TM ovarian cancer vaccine.
We have recently commenced patient recruitment for our Phase IIb Trial with the FDA, received Orphan Drug Designation from the FDA and are well underway with preparations for a Phase III Trial in Europe, to commence in 2011.
The timing of the NASDAQ listing offers US investors an outstanding opportunity to share in this growth phase of the Company.” National Securities Corporation head of Investment Banking Jonathan Rich said: “We are delighted to have the opportunity to work with Prima Biomed on their NASDAQ listing.
With the strong demand for Prima from US investors and the strength of the US biotech and healthcare investment market, the listing represents a natural progression for the company. Prima is extremely well positioned to be at the forefront of cancer immunotherapy development companies, and it is a market sub-sector which has enormous upside potential.”
This announcement was announced some 17 months ago ....
... 2 main things in my opinion have happened ...
1 . the announcement was designed, upon advice by the Financial advisors of Prima ... to ' prime pump ' the share Price of Prima somewhat , as it did .....
... with the main intention of 'maximising ' the share price of PRR ... to perform an Institutional Placement and Capital raisisng and share purchase plan offer for shareholders ...at a big price ... to raise sufficient funds for Phase 111 trials which it successfully did.....
.. 2. The paperwork to and arduous accounting and compliance required by the US SEC for listing PRR on the Nasdaq... was way in excess of Prima's anticipated understanding .... in particular issues related to the early termination of the 'Springtree Loan Facility" ....
The dilution of Prima's share price by the extra shares issued by the recent Cap raising and the SPP ... should be offset somewhat by the Progress of Prima down the clinical phase timeline path ...
... the whole thing has taken a lot longer than anticipated ... but has achieved the positive outcomes of a successful cap raising and a progression down the timeline .. for a biotech in a fully funded phase 111 trial ... to list on the Nasdaq now will be most attractive .....
PRR Price at posting:
18.7¢ Sentiment: LT Buy Disclosure: Held
(20min delay)