Texas-based biotechnology companies Opexa Therapeutics and Bio-Path Holdings have both joined the Russell Microcap Index, an annual reconstitution of the 4,000 largest U.S. stocks, which measures the performance of the micro cap segment of the U.S. equity market based on a combination of their market cap and current index membership. Bio-Path Holdings has also announced it has been added to the Russell Global and Russell 3000 Indexes.
The Russell Microcap Index is said to be an impartial barometer for the microcap segment trading on national exchanges. The membership of the index is updated annually and is granted based primarily on market capitalization rankings and style attributes, but also other market factors relating to a company and its stock. Each member also automatically becomes a member of the appropriate growth and value style indexes.
The Indexes are widely used by investment managers and institutional investors that look for index funds, and as a benchmark for investment strategies. More than 700,000 benchmarks are calculated daily, covering approximately 98 percent of the investable market in approximately 80 countries and more than 10,000 securities. All indexes comprise about $5.2 trillion in assets.
Opexa Therapeutics, the developer of a novel T-cell immunotherapy for the treatment of multiple sclerosis called Tcelna, expects to receive spillover effects from being added to the index. “We are pleased to be joining the Russell Microcap Index and look forward to increased exposure to the investment community,” said the President and Chief Executive Officer of Opexa, Neil K. Warma. “This listing provides an additional opportunity to generate interest in Opexa as we continue to make progress on our Abili-T clinical trial and leverage our T-cell immunotherapy platform.”
Bio-Path Holdings, which is developing a liposomal delivery technology for nucleic acid cancer drugs, has been added following the annual reconstitution of the entire Russell family of indexes, on June 27, 2014, after the closure of the market. “Being added to these indexes reflects the steady progress Bio-Path has made during the past year and we are pleased to be gaining additional investor visibility through our inclusion in these indexes,” said the President and Chief Executive Officer of Bio-Path Holdings, Peter Nielsen.
The company has been added not only to the Russell Microcap Index, but also to the Russell 3000 Index, which covers both the Russell 2000 Index for small-cap growth stocks and the Russell 1000 Index for larger-cap companies, as well as to the Russell Global Indexes, which evaluate the performance of over 10,000 securities in 47 countries. Bio-Path was founded with technology licensed from The University of Texas MD Anderson Cancer Center and maintains a strong working relationship with the Cancer Center.