AustCancer reveals Nasdaq strategy

Australian Cancer Technologies (ASX:ACU) has announced plans to pursue listing on the US Nasdaq exchange, through the American Depositary Receipts (ADR) program.

"Nasdaq listing will enhance our profile with existing and potential US partners and put us in a stronger position to take advantage of some of the excellent acquisition opportunities we are seeing opening up here for AustCancer," said managing director Paul Hopper in a statement.

The company has brought in US investment bankers Global Markets Capital Group to advise them on the listing and to develop its corporate activities, targeting strategic US merger and acquisition initiatives.

The company plans to start with a sponsored level one ADR program, which will allow the ADRs to be traded on the US OTC market, eventually moving to a level two ADR status which allows listing and trading on the Small Caps Nasdaq market.

The move is one commonly followed by non-US companies not listed on the US exchanges wanting to facilitate investment by US investors. Many US investors, particularly mutual funds, are restricted from direct investment in foreign businesses.

AustCancer has recently expanded into the US through its acquisition of the Revisys nutraceuticals line, which will be launched into the high-end complementary medicine market in the US in the near future.

The company is about to begin its Phase II clinical trials and plans to sign on a partner for Phase III trials. AustCancer also recently announced plans to evaluate new development opportunities from the US and UK.

Heavy trading has seen AustCancer's share price rocket from around the AUD$0.20 mark at the end of January to $0.485 by time of writing.