Eiffel's Nasdaq view improves as ADR completed

Eiffel Technologies (ASX:EIF) has established a Level 1 American Depository Receipt (ADR) program in a first step towards a possible international listing for the company.

"It gives us potential access to the larger capital market in the US -- we have a lot of customers based there," said CEO Christine Cussen. "It gives a flag to potential US investors -- making our intentions clear about what we are doing in the US arena long term."

The Level 1 program allows over the counter trading with one ADR representing 50 shares of Eiffel stock. "We will put Level 2 in place when the time is right," Cussen said.

The company, which recently moved its headquarters to Sydney where it has a new semi-commercial development and manufacturing facility, is also accelerating its commercialisation strategy.

"We have laid really strong foundations... we are ready now to take a significant step forward in commercialising our technology," Cussen said. "We have announced several collaborations with drug delivery companies and some of these are progressing along nicely."

The company expects to have further commercial agreements for non-injectable delivery of insulin in place in the near future, and hopes to commence pre-clinical studies on one of the in-house development projects, which include re-engineered asthma drugs, early next year. The new facility is capable of manufacturing clinical trial-quality material and has recently received a manufacturing licence from the TGA.

Eiffel has also expanded and streamlined its capabilities to evaluate potential candidates for re-engineering with its supercritical fluid technology and plans to screen 8-12 drugs per year with the expectation that three will go on to pre-clinical development and one will enter clinical trials.

"The transition from academic to commercial [focus] is complete now," Cussen said.