Perth, 16 December 2004: Solbec Pharmaceuticals Ltd (ASX:SBP) announced today that it will establish a Level 1 American Depositary Receipt program (ADR), appointing The Bank of New York as its preferred depositary bank. The implementation of a Level 1 ADR program will make Solbec more accessible to US private investors and will provide a vehicle with which to ensure liquidity in the stock for an US investor base. An ADR program also creates the possibility of investment by institutions that are only permitted to buy US based securities. n ADR is created when a broker purchases a company’s shares on the home stock market and delivers those to the depositary’s local custodian bank, which then instructs the depositary bank, The Bank of New York, to issue Depositary Receipts. Depositary receipts may trade freely, just like any other security, in the over-the-counter (OTC) market. Further information: About Solbec Solbec Pharmaceuticals Ltd identifies naturally-occurring compounds with potential in the development of better therapies for debilitating conditions and life-threatening diseases. The company is currently progressing its key project, Coramsine™, through Phase I/IIA clinical trials for the treatment of mesothelioma and malignant melanoma, and as a topical treatment for psoriasis. Solbec's two proprietary ingredients in Coramsine™ were isolated from the fruit of a weed known as the Devil’s Apple (Solanum linnaeanum). They show activity against some cancers and cause potentially therapeutic changes to the immune system. In addition to human health, Coramsine™ has potential application in the areas of animal health and diagnostics. Solbec’s business strategy is to partner or out-license Coramsine™ for the final stages of pre-commercial development and marketing. See www.solbec.com.au For further information, please contact Stephen Carter Managing Director Solbec Pharmaceuticals Ltd Phone +61 (08) 944 67555 Media: Rebecca Christie Phone: +61 (02) 9237 2800 / 0417 382 391 [email protected]
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