Navidea Biopharmaceuticals dual-lists on TASE

TASE

The NYSE traded company, which has a market cap of nearly $300 million, begins trading next week.

Navidea Biopharmaceuticals Inc., (NYSE MKT: NAVB), which focuses on developing and commercializing precision diagnostics, therapeutics and radiopharmaceutical agents, announced that the Tel Aviv Stock Exchange (TASE) has approved the listing of its common stock. Trading will begin September 8 under the NAVB ticker and the company will be dual-listed on the NYSE and TASE. Based on its market cap of nearly $300 million, the company expects its shares to be traded on five TASE equity indexes including the Tel Aviv 100 Index.

Navidea has no obvious connection to Israel and has been brought here as part of the TASE policy to attract foreign companies and increase trading volumes. This is the first time the TASE has attracted a company with no connection to Israel whatsoever. Other US companies on the TASE such as Opko Health Inc. (NYSE: OPK; TASE: OPK) and Perrigo Company (NYSE:PRGO; TASE:PRGO) have major operations in Israel.

Foreign companies can enjoy the status of a big fish in a small pond on the Israeli market.

“As commercialization of Lymphoseek grows globally, we are gratified with the opportunity to join many top companies as part of the TASE and our expected inclusion in their TA-75, TA-100, TA-BlueTech, TA-Tech-Elite and TA-Biomed indexes,” said Rick Gonzalez, President and CEO of Navidea. "We believe this dual listing will facilitate access to an emerging international capital market, further diversify our shareholder base in a region with growing biotech and pharma industries, and expand our exposure and access to the Israeli investment community."

TASE CEO Yossi Beinart said, “We welcome Navidea Biopharmaceuticals to the Tel Aviv Stock Exchange Dual Listing, and believe that this is a recognition of the Biomed sector’s special position at the Tel Aviv Stock Exchange. Navidea joins a group of 46 cross-listed companies entitling them to significant benefits including, added exposure among Israeli investors, extension of the trading day, investment by Exchange Traded Product vendors, and easy access to institutional and retail investors as well as to global growth companies.”

Navidea Biopharmaceuticals is in Israel due to the efforts of Adv. Ilan Gerzi, senior partner at law firm Pearl Cohen Zedek Latzer Baratz, which has experience in the field in part through Opko - together with the firm's senior associate Tammy Hevrony Zoppo, as well as financial advisor to the deal Uri Ben Or.

Navidea had revenue of $6 million in 2014 and expects double that amount in 2015.

Published by Globes [online], Israel business news - www.globes-online.com - on September 2, 2015

© Copyright of Globes Publisher Itonut (1983) Ltd. 2015

Twitter Facebook Linkedin RSS Newsletters גלובס Israel Business Conference 2018