Tokyo, Japan – 17 March 2017: Sosei Group Corporation (“Sosei”; TSE Mothers Index: 4565) announced today that it intends to remain listed on the Mothers Market.
Sosei had advised in 2015 that it would apply to change its listing market from Mothers to Section 1 of the Tokyo Stock Exchange during the fiscal year ended March 2017.
The Tokyo Stock Exchange Listing Requirements for Section 1 includes a profitability requirement related to the two years prior to application. As already disclosed, Sosei made an Operating Loss in the fiscal year ended March 2016 and is therefore ineligible to apply for listing in Section 1 of the Tokyo Stock Exchange and will remain, for the time being, on the Mothers market.
Peter Bains, Chief Executive Officer of Sosei, said; ‘’The Company’s Board is fully committed to creating long-term sustainable shareholder value through investment in R&D and in building a strong proprietary pipeline of innovative drug candidates from our unique Heptares platform. We are happy to remain for the time being on the Mothers market which is aligned to the current phase of Sosei’s evolution.”