(AOF) – Phaxiam Therapeutics announced that it has officially notified Nasdaq of its intention to voluntarily delist its American Depositary Shares (“ADS”) representing its ordinary shares. The withdrawal should be effective before the markets open on March 11, 2024. The former Erytech Pharma, which develops innovative treatments against resistant bacterial infections, listed the ADSs on the Nasdaq Global Select Market in November 2017 then transferred the listing of its ADSs on the Nasdaq Capital Market in April 2023.
“Given Phaxiam’s current stage of development, we considered that delisting from Nasdaq constituted the most judicious economic and financial decision for the company,” commented Eric Soyer, Chief Financial Officer. Listing on the Nasdaq “requires significant financial and human resources in order to comply with compliance and information standards, a requirement which is no longer appropriate for a company of our size,” he specifies.
“This withdrawal will allow us to save valuable resources and refocus our optimized organization on key development programs, while maintaining our presence on Euronext Paris.”
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ADR/ADS
An ADR (American Depository Receipt) program allows a foreign company to be listed in the United States. An ADR constitutes an ownership right over a materially listed security (ADS or American Depository Share). ADRs of a foreign company are issued through a U.S. bank in exchange for the deposit of a corresponding amount of principal shares.
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