GTG lists on Nasdaq national market

Melbourne-based Genetic Technologies (ASX:GTG) has listed its Level II American Depositary Receipts (ADRs) on the US Nasdaq national market.

"A lot of biotechs move onto the small cap market due to their size, but we've been able to secure a national market listing which gives us far better exposure," said GTG company secretary Tom Howitt.

Trading under the ticker GENE, the first sale of GTG's Level II ADRs was on September 2 at US$11 (AUD$14.40). Each ADR comprise 30 fully-paid ordinary GTG shares, equating almost perfectly to AUD$0.48 which was the price of GTG shares when they opened for trading on the ASX this morning, said Howitt.

"[Listing on Nasdaq] provides us not only with valuable access to US investors but also with access to the large US capital markets to the extent that we would ever need to raise significant funds," said Howitt.

"The world biotech market is centred now in the US and a significant portion of our licensing income comes from the US. To that extent we're very keen to establish a stronger presence in North America."

The company's final Form 20-F Registration Statement was declared 'effective' for the purposes of Securities and Exchange Commission compliance on September 1.

GTG is the second Australian firm to list on Nasdaq in the last fortnight. Pharmaxis (ASX:PXS) began trading on the US board in late August.

GTG shares were trading at $0.48 at the time of writing.