SAN DIEGO and LONDON, June 13, 2024 (GLOBE NEWSWIRE) -- Conduit Pharmaceuticals Inc. (Nasdaq: CDT) (the “Company” or “Conduit"), today announced the Company is set to join the broad-market Russell 3000® Index at the conclusion of the 2024 Russell US Indexes annual reconstitution, effective at the open of US equity markets on Monday, July 1, 2024, according to a preliminary list of additions posted by FTSE Russell on Friday, May 24th, 2024.
The annual Russell US Indexes reconstitution captures the 4,000 largest US stocks as of Tuesday, April 30th, ranking them by total market capitalization. Membership in the US all-cap Russell 3000® Index, which remains in place for one year, means automatic inclusion in the large-cap Russell 1000® Index or small-cap Russell 2000® Index, as well as the appropriate growth and value style indexes. FTSE Russell determines membership for its Russell indexes primarily by objective, market-capitalization rankings, and style attributes.
"We are thrilled to be joining the Russell 3000® Index,” said Dr. David Tapolczay, Chief Executive Officer of Conduit. “This achievement is a testament to the hard work and dedication of our entire team, underscoring our commitment to advancing novel therapies for patients in need. We believe inclusion in this widely followed index will enhance our visibility within the investment community and enable us to share our unique value proposition with a broader audience. Our ultimate focus remains on the patients we serve, and we are grateful for the efforts of our talented team in helping us reach this important milestone."
Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. As of the end of December 2023, about $10.5 trillion in assets are benchmarked against the Russell US indexes, which belong to FTSE Russell, a prominent global index provider.
About Conduit Pharmaceuticals
Conduit Pharmaceuticals (Nasdaq: CDT) have developed a unique business model to bring medicines to patients. Its novel approach addresses unmet medical need and lengthens the intellectual property for its existing assets through cutting-edge solid-form technology and then commercializes these products with life science companies. Conduit is led by a highly experienced team of pharmaceutical executives, including Chief Executive Officer, Dr. David Tapolczay, former CEO of UK-based medical research charity LifeArc; and the Chair of our Board, Dr. Freda Lewis-Hall, former Chief Medical Officer of Pfizer, Inc. Our lead program is a Phase II ready HK4 Glucokinase Activator targeting auto-immune diseases that has undergone 20+ clinical trials in over 1,000 patients.
About FTSE Russell
FTSE Russell is a leading global provider of benchmarking, analytics, and data solutions for investors, giving them a precise view of the market relevant to their investment process. A comprehensive range of reliable and accurate indexes provides investors worldwide with the tools they require to measure and benchmark markets across asset classes, styles, or strategies.
FTSE Russell is wholly owned by London Stock Exchange Group. For more information, visit https://www.lseg.com/en/ftse-russell.
Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the federal securities laws. All statements other than statements of historical facts contained in this press release, including statements regarding Conduit's future results of operations and financial position, Conduit's business strategy, prospective product candidates, product approvals, research and development costs, timing and likelihood of success, plans and objectives of management for future operations, future results of current and anticipated studies and business endeavors with third parties, and future results of current and anticipated product candidates, are forward-looking statements. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including, but not limited to; the inability to maintain the listing of Conduit's securities on Nasdaq; the ability to recognize the anticipated benefits of the business combination completed in September 2023, which may be affected by, among other things, competition; the ability of the combined company to grow and manage growth economically and hire and retain key employees; the risks that Conduit's product candidates in development fail clinical trials or are not approved by the U.S. Food and Drug Administration or other applicable authorities on a timely basis or at all; changes in applicable laws or regulations; the possibility that Conduit may be adversely affected by other economic, business, and/or competitive factors; and other risks and uncertainties to be identified in the proxy statement/prospectus (as amended and supplemented) relating to the business combination completed in September 2023, including those under "Risk Factors" therein, and in other filings made by Conduit with the U.S. Securities and Exchange Commission. Moreover, Conduit operates in a very competitive and rapidly changing environment. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified and some of which are beyond Conduit's control, you should not rely on these forward-looking statements as predictions of future events. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and except as required by law, Conduit assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Conduit gives no assurance that it will achieve its expectations.
Media:
Sean Leous
ICR Westwicke
Sean.Leous@westwicke.com
+1.646.866.4012
Investors:
Bill Begien
Conduit Pharmaceuticals Inc.
bb@conduitpharma.com
