The drug development company is still likely to be traded in New York but through issuing American Depository Shares.
Drug development company BiolineRX Ltd. (TASE:BLRX) has told the US Securities and Exchange Commission (SEC) that it is cancelling its prospectus to raise $35 million in a public offering on Nasdaq. BiolineRX filed the prospectus last September and had hired JMP and Oppenheimer as underwriters.
BiolineRX has probably put off the public offering if favor of trading in New York using American Depository Shares (ADS). This will enable the company to be listed on Wall Street at no extra cost and to have investors buys its shares without any additional reporting obligations.
A further reason for the cancellation is that the current climate for biomed offerings is not favorable.
BiolineRX's share price rose 12.78% in afternoon trading on the TASE to NIS 1.85.
Published by Globes, Israel business news - www.globes-online.com - on July 3, 2011
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