Conduit Pharmaceuticals to Join Russell 3000® Index
June 13 2024 - 8:00AM
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
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