Australian biotech Mesoblast is seeking a listing on the Nasdaq market in the United States.
Mesoblast has filed a registration statement with the US Securities and Exchange Commission, offering 5.74 million American Depositary Shares (ADS) in the US.
Each ADS represents five ordinary Mesoblast shares.
Therefore the offer in the US of ADSs represents about 28.7 million ordinary shares.
Based on Mesoblast's share price on October 29, the initial public offer in the US is worth about $US70 million.
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"Mesoblast intends to use the net proceeds of this offering for ongoing clinical programs, research and development expenses, commercial manufacturing requirements, and general and administrative purposes," Mesoblast said in a statement.
Mesoblast will continue to trade on the Australian share market.
Mesoblast is involved in regenerative medicine.
The company's technology is based on specialised cells called mesenchymal lineage adult stem cells.
Mesoblast is focused on significantly advanced stages of diseases where patients are severely ill.
Priority areas include chronic congestive heart failure; chronic lower back pain; and graft-versus-host disease, where donor cells attack a patient receiving a bone marrow transplant; chronic inflammatory conditions, and diabetic kidney disease.
Shares in Mesoblast have been suspended while it conducts the initial public offer in the Us.
Mesoblast shares last traded at $3.41.
