Spain's Oryzon gives board green light to seek Nasdaq listing

MADRID (Reuters) - Spain’s Oryzon Genomics on Monday authorised its board of directors to request a listing on New York’s Nasdaq biotech index, moving a step closer to its goal of expanding into the United States.

The board of the company, which develops experimental drugs to treat cancer and neuro-degenerative diseases, now have one year to list the shares in the United States.

When the year expires, the authorisation will become null and void, the company said in a statement.

Since its 2015 initial public offering (IPO) on the Madrid Stock Exchange, Oryzon has been expanding its business into the United States and preparing to list its shares on the Nasdaq.

In February it allocated $1.5 million to finance legal and regulatory steps required to list on the Nasdaq biotech index, it said in a note.

This year, the U.S. FDA granted its Orphan Drug Designation to the company’s Iadademstat twice - for the treatment of leukaemia and lung cancer in March and June, respectively.

The designation is given to drugs that can provide medical solutions to rare diseases and grants the company certain financial benefits.

In 2021 Nasdaq attracted biotech companies as the search for a COVID-19 treatment sparked a parallel hunt among investors for the companies most likely to succeed, opening the door to several IPOs.

Reporting by Mariana Ferreira Azevedo; editing by Inti Landauro and Jason Neely