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News, Company

Ellex makes inroads into US market

08/01/2019By Richard Chiu • Staff Journalist
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Australia-based medical device manufacturer Ellex Medical Lasers has commenced trading on the US Stock Exchange after laying out plans to gain US approval for its 2RT laser.

The ASX-listed company qualified to trade on the US OTCQX Best Market in December, an exchange commonly used by multinational companies seeking access to US investors.

“Our listing on OTC is expected to increase the visibility of our business to US investors and drive greater investor awareness,” Ellex CEO Mr Tom Spurling said.

“US investors understand the medical device industry. We are confident that they over time will recognise the significant value in Ellex’s proprietary devices and technologies.”

Tom Spurling, chief executive officer of Ellex Medical Lasers
Tom Spurling, chief executive officer of Ellex Medical Lasers

OTC Markets Group International director and executive vice president for corporate services, Mr Jason Paltrowitz, welcomed the company’s entry into the market.

“Ellex joins over 25 ASX-listed companies that have chosen to cross-trade on our premium markets. Cross-trading on OTCQX will provide Ellex with greater transparency and increased global investor awareness,” Paltrowitz said.

A company release announcing the move stated the decision to list on the OTCQX was part of a strategy to increase market share in the US, as it’s the world’s largest market for ophthalmic devices and technologies

Ellex also highlighted the US as an important future market for its 2RT laser for treatment in AMD at its 2018 annual general meeting in late November. The device already has approval in Europe, Australia and New Zealand, and the company plans to pursue approval for the device in the US.

The meeting also highlighted expansion into China with its Ellex iTrack surgical system, as well as major facility upgrades in Adelaide and Fremont, California.

The company is trading under ELXMF and ELXMY.

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