The drug development company wants to list American Depository Receipts.
Kitov Pharmaceutical Holdings Ltd. (TASE: KTOV) plans to list American Depository Receipts (ADRs) on Nasdaq, in order to gain access to the US capital market, foreign investors, and investment funds that specialize in the company's area of business.
Kitov is also moving forward on a Phase III clinical trial of KT-302 combination drug for the treatment of hypertension and pain relief, scheduled for 2014. It hopes to file a new drug application (NDA) with the US Food and Drug Administration (FDA) in 2015. The company estimates the drug's market potential at $10 billion.
Kitov is also developing a combination of KT-301 and KT-302 for the treatment of osteoarthritis, with the risk of hypertension and other side effects associated with current treatments.
Kitov's share price has risen 400% since the beginning of the year. Its current market cap is NIS 68 million.
Published by Globes [online], Israel business news - www.globes-online.com - on October 9, 2013
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