Winston-Salem-based Targacept is to be added to the Russell 3000 Index that lists the largest 3,000 U.S. companies, based on market capitalization.
The listing, to occur after the stock market close of Friday, June 27, puts the Triad developer of drugs based on neuronal nicotinic receptors (NNRs) on the Russell list for at least a year.
"We are pleased to have our progress affirmed by inclusion in the Russell 3000 Index," said J. Donald deBethizy, Ph.D., Targacept's president and CEO. "We expect this broad-market index will increase Targacept's visibility to investors as we focus on advancing our pipeline of NNR Therapeutics."
Targacept has product candidates in development for Alzheimer's disease, cognitive dysfunction in schizophrenia, pain and depression, as well as multiple preclinical programs. Targacept also has a cognition-focused collaboration with AstraZeneca and a strategic alliance with GlaxoSmithKline.