Medical Australia (ASX: MLA, OTC: MDAUY) has announced the launch of an American Depositary Receipt (ADR) program and quotation on the Over-The-Counter market in the United States of America.
The program will create a broader secondary market for Medical Australia, particularly in North America, which provides better access for American investors to deal in MLA’s securities.
The ADRs will be tradeable via licensed US brokers in the ordinary course of trading.
This program is a further step into the North American market for Medical Australia. In August, the company secured a distribution agreement with the Canadian arm of medical device company Smith & Nephew for the TUTA irrigation products.
At the time, chief executive officer Mark Donnison said the company had been working on developing its presence in the North American market for some time.
The program will create a broader secondary market for Medical Australia, particularly in North America, which provides better access for American investors to deal in MLA’s securities.
The ADRs will be tradeable via licensed US brokers in the ordinary course of trading.
This program is a further step into the North American market for Medical Australia. In August, the company secured a distribution agreement with the Canadian arm of medical device company Smith & Nephew for the TUTA irrigation products.
At the time, chief executive officer Mark Donnison said the company had been working on developing its presence in the North American market for some time.
MLA also booked a 20% increase in revenue to to June 30, 2011 of $8.8 million which was announced in August.
Leading depositary provider BNY Mellon has been appointed as Depositary to establish and maintain the ADR facility.
BNY Mellon manages more sponsored depositary receipt programs than any other depositary bank, with depositary receipts issued for more than 2,100 programs for companies from 67 countries.
Medical Australia manufactures, distributes and sells medical devices for the healthcare industry.
Medical Australia’s products are used in human health, biological collection, processing & laboratory and animal health. Its portfolio of companies includes TUTA Healthcare and Clements Medical Equipment.
BNY Mellon manages more sponsored depositary receipt programs than any other depositary bank, with depositary receipts issued for more than 2,100 programs for companies from 67 countries.
Medical Australia manufactures, distributes and sells medical devices for the healthcare industry.
Medical Australia’s products are used in human health, biological collection, processing & laboratory and animal health. Its portfolio of companies includes TUTA Healthcare and Clements Medical Equipment.
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