Anchiano Therapeutics Ltd will voluntarily delist its ordinary shares from the Tel Aviv Stock Exchange on June 17.

The American depositary shares of Israel-based biotechnology company will continue trading on the Nasdaq Capital Market under the symbol ANCN.

Shareholders can convert their ordinary shares listed on the Tel Aviv Stock Exchange to ADSs. The company will issue one ADS in exchange for every 5 ordinary shares.

According to a March 14 press release, the company's board and management believe the decision to delist from the Tel Aviv Stock Exchange will maximize shareholder value.

The company completed an IPO of 2,652,174 ADSs with gross proceeds of $30.5 million and started trading on the Nasdaq Capital Market in February.

Anchiano is developing a potential bladder cancer treatment called inodiftagene vixteplasmid, which works by delivering a toxic gene to bladder cells that selectively kills tumor cells.