PRINCETON, N.J., July 1 Pharmasset, Inc.(Nasdaq: VRUS) joined the broad-market Russell 3000(R) Index when RussellInvestments reconstituted its equity indexes on June 27.
Pharmasset's membership in the Russell 3000, which remains in place forone year, means automatic inclusion in the small-cap Russell 2000(R) Index aswell as the appropriate growth and value style indexes. Russell indexes arewidely used by investment managers for index funds and as benchmarks for bothpassive and active investment strategies currently applied to $4.4 trillion inassets.
"We are pleased to be included in these indexes only one year after ourstock became publicly traded," stated Kurt Leutzinger, Pharmasset's ChiefFinancial Officer. "We feel fortunate that our stock price has grown 117%since the IPO in an otherwise difficult market."
Pharmasset is a clinical-stage pharmaceutical company committed todiscovering, developing and commercializing novel drugs to treat viralinfections. Pharmasset's primary focus is on the development of oraltherapeutics for the treatment of hepatitis B virus (HBV), hepatitis C virus(HCV) and human immunodeficiency virus (HIV).
Pharmasset is currently developing three product candidates. Clevudine,for the treatment of chronic HBV infection, is enrolling Phase 3 clinicaltrials for registration in North, Central and South America and Europe.Clevudine is already approved for HBV in South Korea and marketed by BukwangPharmaceuticals in South Korea under the brand name Levovir. R7128, an oraltreatment for chronic HCV infection, is in a 4-week Phase 1 clinical trial incombination with Pegasys(R) plus Copegus(R) through a strategic collaborationwith Roche. Racivir, which is being developed for the treatment of HIV incombination with other approved HIV drugs, has completed a Phase 2 clinicaltrial.
Pharmasset "Safe Harbor" Statement under the Private Securities LitigationReform Act of 1995: Statements in this press release regarding our businessthat are not historical facts are "forward-looking statements" that involverisks and uncertainties, including without limitation the risk that we may notcontinue to be a member of the Russell 3000 Index, the risk that our stockprice may decline, the risk that adverse events could cause the cessation ordelay of any of the ongoing or planned clinical trials and/or our developmentof our product candidates, the risk that we cannot enroll enough patients forthe Phase 3 registration clinical trial for clevudine, the risk that ourcollaboration with Roche will not continue or will not be successful and therisk that any one or more of our product candidates will not be successfullydeveloped and commercialized. For a discussion of these risks anduncertainties, any of which could cause our actual results to differ fromthose contained in the forward-looking statements, see the section of ourAnnual Report on Form 10-K for the fiscal year ended September 30, 2007 filedwith the Securities and Exchange Commission entitled "Risk Factors" anddiscussions of potential risks and uncertainties in our subsequent filingswith the Securities and Exchange Commission.Pegasys(R) and Copegus(R) are registered trademarks of Roche. Contact Kurt Leutzinger Chief Financial Officer [email protected]
Office: +1 (609) 613-4110
SOURCE Pharmasset, Inc.