Bone Medical's level one ADR program granted

By Ruth Beran
Monday, 08 August, 2005

Bone Medical (ASX:BNE) has received approval for a level one American Depository Receipt (ADR) program with receipts tradable in the over-the-counter market under the code BMEDY.

The Bank of New York will serve as the depositary bank.

"The ADR program will allow US investors to purchase Bone Medical stock from their local stockbroker, broaden Bone Medical's shareholder base and allow our shares to be traded in the same arena as our global peers," said Bone Medical's CEO Michael Redman in a statement. "Furthermore, the ADR program allows investment by institutions that are only permitted to buy US-based securities."

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