Prima BioMed to list on NASDAQ

By David Binning
Thursday, 30 September, 2010

Cancer vaccines specialist Prima BioMed announced today that it is seeking a listing on NADSAQ, the world’s largest bourse for technology companies.

The company said that it was in the process of lodging the relevant documentation with the US Securities Exchange Commission (SEC) and that it expects to receive a response within the next 60-90 days.

Pending approval of its application, Prima BioMed said that it will have dual listings of its securities on both the Australian Securities Exchange (AX) and NASDAQ, with one NASDAQ share for every ASX share. Bank of New York Mellon and US broking house National Securities Corporation are assisting Prima BioMed with its application.

Prima Biomed Managing Director Martin Rogers said that the proposed NASDAQ listing is timely, following a number of important clinical developments for the company’s flagship CVac ovarian cancer vaccine this year.

“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,” he said.

“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 that demand was strong for Prima BioMed amongst US investors. “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.”