| Thu 12 Apr 2012, 12:45 | | SKJ - Sekunjalo Investments Limited - Genius Biotherapeutics (GBT) granted |
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SKJ
SKJ
SKJ - Sekunjalo Investments Limited - Genius Biotherapeutics ("GBT") granted
permission to obtain a primary listing on a foreign stock exchange
Sekunjalo Investments Limited
(Incorporated in the Republic of South Africa)
Registration number 1996/006093/06
Share code: SKJ
ISIN: ZAE000017893
("Sekunjalo" or "the Company")
GENIUS BIOTHERAPEUTICS ("GBT") GRANTED PERMISSION TO OBTAIN A PRIMARY LISTING
ON A FOREIGN STOCK EXCHANGE
Genius Biotherapeutics (AKA Bioclones), South Africa`s leading Biotechnology
company at the forefront of novel technology treatment for cancer and
infectious diseases announces that it has received permission from the
Minister of Finance of South Africa and the South African Reserve Bank to
obtain a primary listing on a foreign stock exchange.
Genius is delighted that the Minister has approved the request by Genius
Biotherapeutics to obtain an offshore primary listing on either the London
Stock Exchange ("LSE") or NASDAQ, including the externalisation of up-front
listing costs amounting to R20 million.
The uniqueness of the biotechnology business and the funding constraints in
South Africa make the biotechnology listing important for Genius to
commercialise its 23 global patents and enter into clinical trials for
overseas markets.
Dr Iqbal Surve, Chairman of GBT has said that the listing permission will
allow South Africa to benefit from capital investments, employment creation,
increased revenues and taxes and will also create numerous opportunities for
young South African scientists to be part of the global scientific community
and to be at the cutting edge of novel technologies in cancer treatment.
The approval was granted subject to a number of conditions. GBT has been
working with its international shareholders, scientific partners and licensors
to ensure that the conditions can be fulfilled. GBT is now able to report
that it has full endorsement from its international shareholders from Europe
as well as its global strategic partner from Switzerland, Solidago.
Solidago AG, the European licensor to GBT and pharmaceuticals multinationals
of its Biosimiliar portfolio will assist GBT in its international expansion
and listing plans. Dr Gianluigi Musinelli Chairman of Solidago has stated
"that he believes that Genius will put African biotechnology on the global map
and looks forward to partnering GBT its novel cancer therapeutics".
Dr Surve has said that the model of investing in biotech is one which requires
substantial capital, scientific resources, world-class tertiary institutions,
and innovative and low cost scientific base. South Africa has all and through
the permission for the offshore listing will enable GBT to raise valuable
investment capital in the biotech global markets.
Dr Surve has said that GBT will follow up on its international road show to
London and New York of a year ago with the appointment of a major investment
bank (which has experience of having listed biotechnology companies of
billions of dollars of value). This investment bank will advise and prepare
the company for the listing and the preferred stock exchange of LSE or the
NASDAQ. GBT shareholders will be advised accordingly.
Cape Town
12 April 2012
Sponsor
PSG Capital
Date: 12/04/2012 12:45:01 Produced by the JSE SENS Department.
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