NEW YORK, June 20, 2011 /PRNewswire/ --
BNY Mellon, the global leader in investment management and investment services, has been selected by Hadasit Bio-Holdings, Ltd. (HBL) as depositary bank for its American depositary receipt (ADR) program. Each HBL ADR represents 20 ordinary shares and trades on the over-the-counter (OTC) market under the symbol "HADSY." HBL's ordinary shares trade on the Tel Aviv Stock Exchange under the symbol HDST.
HBL manages a portfolio of companies based on intellectual property generated by Israel's foremost medical research center - Hadassah University Hospital - which is responsible for the majority of Israel's hospital-based translational research. All of the portfolio companies are based on inventions developed and owned by Hadassah. The companies operate in the fields of oncology (therapeutics and diagnostics), regenerative medicine, and inflammatory disease. HBL focuses on funding the portfolio companies' preparation for and execution of Phase I and preparation for Phase II. Preparations include pre-clinical trials, manufacturing, regulatory and business development tasks.
"Israel is known as a 'start-up nation,' and we are very excited to give investors access to a promising group of Israeli BioMed startups through HBL," said Ophir Shahaf, chief executive officer of HBL - Hadasit Bio-Holdings. "With BNY Mellon's superb depositary receipts team supporting our efforts, we are confident to make the most of our ADR and the possibilities for global exposure it creates."
"Israel's strength in the bio-pharmaceutical fields is world renowned, and HBL has a compelling story within that space," said Michael Cole-Fontayn, chief executive officer of BNY Mellon's Depositary Receipts business. "HBL has strong global connections through Hadassah, and we will work together to maximize exposure for its newly-created ADR through an array of investor relations and visibility initiatives."
BNY Mellon acts as depositary for more than 2,100 American and global depositary receipt programs, acting in partnership with leading companies from 67 countries. With an unrivaled commitment to helping securities issuers succeed in the world's rapidly evolving financial markets, the company delivers the industry's most comprehensive suite of integrated depositary receipt, corporate trust and stock transfer services. Learn more at http://www.bnymellon.com/dr.
BNY Mellon is a global financial services company focused on helping clients manage and service their financial assets, operating in 36 countries and serving more than 100 markets. BNY Mellon is a leading provider of financial services for institutions, corporations and high-net-worth individuals, offering superior investment management and investment services through a worldwide client-focused team. It has $25.5 trillion in assets under custody and administration and $1.2 trillion in assets under management, services $11.9 trillion in outstanding debt and processes global payments averaging $1.7 trillion per day. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Learn more at http://www.bnymellon.com.
This release is for informational purposes only. BNY Mellon provides no advice nor recommendation or endorsement with respect to any company or securities. Nothing herein shall be deemed to constitute an offer to sell or a solicitation of an offer to buy securities. Depositary Receipts: Not FDIC, State or Federal Agency Insured; May Lose Value; No Bank, State or Federal Agency Guarantee.
SOURCE BNY Mellon