CLINUVEL Eyes Nasdaq Upgrade to Boost U.S. Market Presence
CLINUVEL Pharmaceuticals is preparing to elevate its American Depository Receipt program to a Nasdaq Level II listing by the end of 2025, aiming to enhance visibility and trading access in the U.S. without altering its primary ASX listing.
- Plan to upgrade ADR program from Level I OTC to Level II Nasdaq listing
- No capital raising planned alongside the uplisting
- Approximately 28% of shares held by U.S. investors
- Form 20-F filing underway for SEC registration
- Nasdaq listing to support expanding U.S. operations and investor engagement
Strategic Move to Nasdaq
Melbourne-based biopharmaceutical company CLINUVEL Pharmaceuticals has announced plans to upgrade its American Depository Receipt (ADR) program from a Level I over-the-counter listing to a Level II listing on the Nasdaq Stock Market. This transition, expected to be completed before the end of 2025, aims to significantly increase the company's visibility and trading access within the United States, a key market for its expanding operations.
The upgrade will not affect CLINUVEL’s primary listing on the Australian Securities Exchange (ASX), which remains unchanged. Importantly, the company has confirmed that no capital raising will accompany the uplisting, indicating a strategic focus on market presence rather than immediate fundraising.
Regulatory Preparations and Market Context
To facilitate the Nasdaq listing, CLINUVEL is preparing a Form 20-F registration statement for submission to the U.S. Securities and Exchange Commission (SEC). This filing is a critical regulatory step that will subject the company to enhanced disclosure and compliance requirements typical of U.S.-listed entities. CLINUVEL has engaged U.S. legal counsel and an investment bank to support this process, underscoring the complexity and importance of the move.
The Bank of New York Mellon is proposed to serve as the depositary, custodian, and registrar for the upgraded Level II ADR program, ensuring robust administrative support for U.S. investors.
Aligning with U.S. Investor Base and Operations
Approximately 28% of CLINUVEL’s issued shares are currently held by U.S.-based investors, a substantial portion that reflects growing interest in the company’s profile. CLINUVEL’s Managing Director, Dr Philippe Wolgen, highlighted that recent engagement with U.S. institutional investors has revealed increasing appetite for the company, particularly as one of the few profitable biopharmaceutical firms in its niche.
The Nasdaq uplisting aligns with CLINUVEL’s expanding footprint in North America, where it is developing a significant market for its lead therapy, SCENESSE®, used to treat patients with erythropoietic protoporphyria and other photoprotection needs. Enhanced U.S. market access through Nasdaq is expected to facilitate deeper investor engagement and potentially improve liquidity for the company’s shares.
Looking Ahead
While the uplisting is subject to SEC review and Nasdaq’s listing requirements, CLINUVEL’s board views this initiative as a key step toward unlocking long-term shareholder value. The company will continue to update the market as the process unfolds, with no guarantee yet that the uplisting will proceed within the anticipated timeframe.
Bottom Line?
CLINUVEL’s Nasdaq upgrade signals a strategic push to deepen U.S. market integration, setting the stage for enhanced investor engagement and potential future growth.
Questions in the middle?
- Will the uplisting lead to increased trading liquidity and valuation in the U.S. market?
- Could CLINUVEL consider a capital raise in the future following the Nasdaq listing?
- How will enhanced U.S. regulatory compliance impact CLINUVEL’s operational and reporting costs?
