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NEW
YORK--(BUSINESS WIRE)--Jan. 27, 2005--Citigroup Depositary
Receipt Services, the leading depositary bank, announced
today that it has established an American Depositary
Receipt (ADR) Program for pSivida Limited, a global
nanotechnology company committed to the biomedical
sector and developing products in health care. pSivida
is headquartered in Perth, Australia.
The ADRs are now listed on the Nasdaq under the symbol
PSDV (CUSIP 74439M 10 7). Each Nasdaq traded ADS represents
10 ordinary shares trading on the Australian Stock
Exchange (ASX:PSD). pSivida is also listed on the
Frankfurt Stock Exchange (PSI).
"We look forward
to supporting pSivida as the company expands its presence
in the U.S. market and builds investor interest,"
said Sanjeev Nanavati, Managing Director of Citigroup
Depositary Receipt Services.
"The Nasdaq listed
ADR program will be an important step forward for
pSivida as it looks to achieve success in the U.S.,
which is both the world's largest capital market and
the greatest market for pharmaceutical products,"
said Gavin Rezos, pSivida Managing Director. "We
are actively looking to expand our investor base in
the U.S. and are very pleased to appoint Citigroup
as our depositary bank."
pSivida Limited is
a global biotechnology company committed to the improvement
of healthcare through nanotechnology. Its focus is
the development and commercialization of a new biomaterial,
nano-structured porous silicon (BioSilicon(TM)), for
multiple potential applications in healthcare with
a core focus on drug delivery. Near term applications
of BioSilicon(TM) include slow release drug delivery,
targeted cancer therapies (brachytherapy), conventional
vaccine and DNA vaccine delivery, orthopedics, tissue
engineering and diagnostics. The company's commercialization
strategy involves a combination of internal product
development, licensing of the BioSilicon(TM) technology
platform, and the potential sale of non-core intellectual
property. For further information visit www.pSivida.com
For background on
Citigroup ADR programs as well as industry trends
and developments, visit www.citigroup.com/adr.
About Citigroup Depositary
Receipt Services
Citigroup Depositary
Receipt Services is a leader in bringing quality issuers
to the U.S. market and promoting American Depositary
Receipts (ADRs) as an effective capital markets tool.
Citibank began offering ADRs in 1928 and today is
widely recognized for providing non-U.S. companies
with a gateway to the resources of Citigroup and the
means to diversify shareholder bases and increase
liquidity. In addition, Citigroup's financial strength
and global reach provide clients with access to Citigroup's
on-the-ground presence and in-depth knowledge of 90
local markets.
Depositary Receipt
Services is a business line within Citigroup(R) Global
Transaction Services, a leading provider of integrated
cash management, trade finance and securities services
for corporations, financial institutions, intermediaries
and governments around the world. With over $121 billion
in average liability balances, more than $ 7.3 trillion
in assets under custody and the largest proprietary
branch network, Citigroup's award-winning operating
systems and Internet-based delivery channels enable
clients to manage and monitor working capital and
investments more efficiently, streamline transaction
processing cycles, and re-engineer receivables and
payment processes. Citigroup(R) Global Transaction
Services provides clients with access to Citigroup's
full range of capabilities and solutions along with
an on-the-ground presence and in-depth knowledge of
more than 90 local markets. For additional information,
see www.transactionservices.citigroup.com
About Citigroup
Citigroup (NYSE: C),
the preeminent global financial services company with
some 200 million customer accounts in more than 100
countries, provides consumers, corporations, governments
and institutions with a broad range of financial products
and services, including consumer banking and credit,
corporate and investment banking, insurance, securities
brokerage, and asset management. Major brand names
under Citigroup's trademark red umbrella include Citibank,
CitiFinancial, Primerica, Smith Barney, Banamex, and
Travelers Life and Annuity. Additional information
may be found at: www.citigroup.com.
Media Contacts:
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joann.daddio@citigroup.com
Latin America: Whitney MacEachern (305) 347-1429
whitney.m.maceachern@citigroup.com
Europe: Charlotte Ronan (44) 207 986 2809
charlotte.ronan@citigroup.com
Asia: Richard Tesvich (65) 9694 2653
richard.tesvich@citigroup.com
Copyright (C)2005 Citigroup. CITIGROUP and Umbrella
Device are trademarks and service marks of Citicorp
or its affiliates and are used and registered throughout
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solely for information purposes by Citibank, N.A.
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endorsement by Citibank, N.A.
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