Genprex Inc (NASDAQ:GNPX), the gene therapy company, has said it is set to join the US broad market Russell 3000 Index on June 26.
The Austin-based firm will join an elite group of 3,000 publicly listed companies with the largest market capitalizations on the NASDAQ and New York Stock Exchange.
Inclusion in the Russell 3000 Index increases Genprex’s visibility among institutional investors, money managers and index funds.
“This inclusion indicates that our leadership in developing gene therapies is resonating with investors,” Genprex CEO Rodney Varner said in a statement.
The addition comes at a time when the biotech firm is preparing to initiate a Phase I/II clinical trial to evaluate its lead drug candidate, Oncoprex, in combination with AstraZeneca’s Tagrisso for the treatment of non-small cell lung cancer (NSCLC).
Genprex is also planning to file an investigational new drug (IND) application to initiate a clinical trial of Oncoprex in combination with Merck’s Keytruda in NSCLC.
“We believe our inclusion in the Russell 3000 Index is yet another significant milestone for us, as it will further increase our exposure with a broader group of institutional investors,” Varner added.
Genprex had more than $23 million in cash on its balance sheet at the end of its first-quarter 2020, which the group said gives it a “substantial runway” to execute on its clinical plans, conduct additional research and development, and cover general corporate expenses.
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