Viralytics moves to increase US presence
19th March 2010, Sydney: Viralytics Limited (ASX: VLA, OTC: VRACY):
Sydney based cancer drug development Company Viralytics Limited (ASX: VLA) has moved to increase its international profile in the lucrative US biotech investment market.
The Company has gained clearance from the US Financial Industry and Regulatory Authority to upgrade its American Depositary Receipts from the Grey Market to the Pink Sheets Current Information market tier.
Viralytics’ Managing Director, Mr Bryan Dulhunty, said “This move simplifies the process for American investors to buy shares in the Company.
As the Company has previously stated, the US represents the largest biotech and pharmaceutical investment market in the world and we continue to build both our clinical development and investor presence in this market. The Company currently has 2 US-based directors with its lead product CAVATAK being produced in the USA and has a US FDA IND program lodgement underway.
The market tier upgrade and continuous two-way quote by a FINRA registered market maker provides for increased transparency and understanding for our shareholders and supporters in the US” Said Mr Bryan Dulhunty.
Viriathus Capital LLC advised Viralytics throughout this process and shall continue to provide strategic advice to the Company regarding the United States capital markets.
T: 02 9499 3200
M: 0433 217 876
Further information regarding the Company is available on our website: www.viralytics.com
About Viralytics Ltd: Viralytics’ principal asset is the intellectual property relating to CAVATAK™, an Oncolytic Virus technology. CAVATAK™ is the trade name for Viralytics’ proprietary formulation of the Coxsackievirus Type A21 (CVA21). CVA21 is a virus that occurs naturally in the community. CVA21 attaches to the outside of a cell, using a specific ‘receptor’ on the cell’s surface (like a key fitting a lock). CVA21 uses two receptors to infect cells, intercellular adhesion molecule-1 (ICAM-1) and/or decay accelerating factor (DAF). Both of these receptor proteins have been demonstrated to be highly expressed on multiple cancer types, including: melanoma, prostate cancer, breast cancer, multiple myeloma and others.