Transgene to Voluntarily Delist From Nasdaq
September 21 2005 - 1:01AM
PR Newswire (US)
STRASBOURG, France, Sept. 21 /PRNewswire-FirstCall/ -- Transgene
(Paris Eurolist: FR0005175080; Nasdaq: TRGNY) today announced it
will voluntarily delist its American Depositary Shares ("ADSs")
from the Nasdaq National Market ("Nasdaq") effective at close of
trading on September 23, 2005. The company has made this decision
in light of the low trading volume of the ADSs and the growing
costs of maintaining the dual listings on the Nasdaq and Paris
Eurolist markets. The savings will be used in the further
development of Transgene's clinical pipeline. The ADSs represented
0.62% of Transgene's share capital at the end of August 2005. Over
the last three months, the daily traded volume on the Nasdaq
averaged less than 5% of the total shares traded. "The costs of
maintaining a dual listing in an increasingly regulated environment
are becoming a serious burden for a company like Transgene," said
Philippe Archinard, Chief Executive Officer. "We have decided to
focus our efforts and resources on the most active stock market."
Transgene has also decided to terminate its American Depository
Receipt ("ADR") facility with the Bank of New York. The Bank of New
York will shortly notify the ADR holders about the termination and
the holders' rights with respect to the ADRs. Transgene is a
France-based biopharmaceutical company dedicated to the discovery
and development of therapeutic vaccines and immunotherapeutic
products in oncology and infectious diseases. Transgene has a broad
portfolio of clinical stage immunotherapy drugs, technologies
available for out- licensing and viral vectors bio-manufacturing
capacities. DATASOURCE: Transgene CONTACT: Philippe Poncet, CFO of
Transgene, +33-3-88-27-91-21; or Estelle Guillot-Tantay, or
Tiphaine Hecketsweiler, +33-1-53-70-74-93, both of Image 7
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