Tetraphase Pharmaceuticals, Inc. (NASDAQ: TTPH), a clinical-stage biopharmaceutical company developing a portfolio of potent new antibiotics designed to be effective against dangerous, drug-resistant bacteria (including multidrug-resistant (MDR) gram-negative pathogens), today announced that it was added to the Russell 3000®, Russell 2000® and Russell Global Indexes when the Russell Investment Group reconstituted its family of U.S. indexes after stock market close on June 28, 2013.
Annual reconstitution of Russell’s U.S. indexes captures the 4,000 largest U.S. stocks as of the end of May, ranking them by total market capitalization. Membership in the Russell 3000®, 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. Russell determines membership for its equity indexes primarily by objective, market-capitalization rankings and style attributes. The Russell 3000® also serves as the U.S. component to the Russell Global Index, which Russell launched in 2007.
"Tetraphase has built meaningful value in its antibiotic franchise, and we are pleased to be included in the Russell Indexes only three months following our initial public offering," said Guy Macdonald, Tetraphase President and Chief Executive Officer. "We expect that being included in the broadly referenced Russell Indexes will add important liquidity to our stock by attracting the many index funds that reference them."
About the Russell Indexes
The Russell Indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for both passive and active investment strategies. According to Russell Investments, approximately $4.1 trillion in assets are benchmarked to the Russell Indexes. Russell calculates more than 700,000 benchmarks daily covering approximately 98 percent of the investable market globally, more than 80 countries and 10,000 securities.
About Tetraphase Pharmaceuticals, Inc.
Tetraphase is a clinical-stage biopharmaceutical company using its proprietary chemistry technology to create novel antibiotics for serious and life-threatening multi-drug resistant infections. Tetraphase’s lead product candidate, eravacycline, is a fully synthetic tetracycline derivative being developed as a broad-spectrum intravenous and oral antibiotic for use as a first-line empiric monotherapy for the treatment of multi-drug resistant infections, including multi-drug resistant Gram-negative infections.
Any statements in this press release about our future expectations, plans and prospects, including statements regarding our strategy, future operations, prospects, plans and objectives, and other statements containing the words “believes,” “anticipates,” “plans,” “expects,” and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: whether being added to the Russell Indexes will increase the liquidity of the Company’s common stock and an active trading market in the Company’s common stock will be sustained; and other factors discussed in the “Risk Factors” section of our quarterly report on Form 10-Q. In addition, the forward-looking statements included in this press release represent our views as of July 1, 2013. We anticipate that subsequent events and developments will cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we specifically disclaim any obligation to do so.
David Lubner, 617-715-3551
Senior Vice President & CFO
Susan Kim, 212-600-1902
Sam Brown Inc.
Mike Beyer, 773-463-4211
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