Received this late last wek from Ords. Looks very good.Subject:...

Received this late last wek from Ords. Looks very good.
Subject: Prima BioMed Limited (PRR - Speculative Buy) - Files NASDAQ Registration Statement



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Prima BioMed (PRR)
Speculative Buy / High risk (refer to attached note for key risk factors)
Last: $0.19 / Valuation: $0.53 (risk adjusted)
Event: PRR has announced progress in its bid to list on the NASDAQ market.
Details: PRR is seeking a Level II ADR compliance listing, with each ADR representing 30 PRR shares. It is not clear yet when the actual listing date will be.
OM Comment: The pursuit of a US listing has been a long and laborious process, and we are heartened that tangible progress has been made. The primary reason for the listing is to increase awareness of the PRR story in the key North American market both among investors and potential pharma partners.
The process will involve the US-based market makers buying a proportion of the stock to sit behind the ADR listing to ensure liquidity, but we expect the bulk of any related buying to occur closer to the yet-to-be-determined listing date.
In the meantime, PRR’s focus can now be fully aimed at ramping up the recruitment process for CANVAS (see attached update note from 3 Feb).
US-listed comparable company Dendreon (NASDAQ: DNDN) is due to release 4Q results on 27 Feb, and while not directly relevant, its results will likely colour investor sentiment towards PRR, as it has done since the weak 2Q results in August 2011.