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NORCROSS, Ga., July 9, 2014 (GLOBE NEWSWIRE) --
Galectin Therapeutics Inc. (Nasdaq:GALT), the leading developer of therapeutics that target galectin proteins to treat fibrosis and cancer, announced that it has been added to the Russell 3000® Index and Russell 2000® Index when Russell Investments reconstituted its comprehensive set of U.S. and global equity indexes on June 27, 2014.
"We are pleased to be added to the Russell 2000, which reflects our continued positive momentum and efforts to increase shareholder value," said Dr. Peter G. Traber, President, Chief Executive Officer, and Chief Medical Officer of Galectin Therapeutics Inc. "We expect our inclusion will continue to raise our profile and generate greater interest in our stock among institutional investors."
Galectin Therapeutics is currently conducting a Phase 1 clinical trial to evaluate the safety, tolerability and exploratory biomarkers for efficacy for single and multiple doses of GR-MD-02 over four weekly doses of GR-MD-02 treatment in patients with fatty liver disease with advanced fibrosis.
Russell indexes are widely used by investment managers and institutional investors for both index funds and as benchmarks for passive and active investment strategies. In the institutional marketplace, approximately 98 percent of the investable U.S. equity market is benchmarked by the Russell 3000, representing approximately $4 trillion in assets. Galectin Therapeutics expects to continue to be included at least until June 2015 when Russell next reconstitutes its indexes.
The annual reconstitution of the Russell 3000 captures the largest 3,000 U.S. stocks as of the end of May, ranking them by total market capitalization. The largest 1,000 companies in this ranking comprise the Russell 1000 and the next 2,000 companies become the Russell 2000. The Russell 3000 also serves as the U.S. component to the Russell Global Index, which Russell launched in 2007.
Russell Investments is a global asset manager and one of only a few firms that offers actively managed, multi-asset portfolios and services that include advice, investments and implementation. Russell stands with institutional investors, financial advisors and individuals working with their advisors—using the firm's core capabilities that extend across capital markets insights, manager research, portfolio construction, portfolio implementation and indexes to help each achieve their desired investment outcomes.