PAII news.....Patch's Pharmaceutical Interest Establishes Level One American Depository Receipt (ADR) Program
Monday December 6, 9:02 am ET
CALGARY, Dec. 6 /PRNewswire-FirstCall/ - Patch International Inc. (PAII: OTCBB, PQG: Berlin Bremen Stock Exchange) reported that Pharmaxis (PXS: Australian Stock Exchange) has announced that the establishment of its Level One ADR Program has been declared effective by the US Securities and Exchange Commission (SEC) as from November 12, 2004. The Bank of New York was appointed as the depository bank for the ADR program. Patch holds 11.2 million shares in Pharmaxis and is the company's second largest shareholder behind the Rothschild Group.
A level One ADR Program facilitates the purchase of Pharmaxis shares by US investors. Under the program, one ADR is equivalent to 15 ordinary shares of Pharmaxis. The ADRs trade in the over-the counter (OTC) market under the symbol PHMXY (CUSIP number 71715J105).
The ADR is an important step to enabling international investment in the company, particularly by the important US capital markets.
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