Cornerstone Therapeutics Joins the Russell 3000(R) Index
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CARY, N.C., June 30 /PRNewswire-FirstCall/ -- Cornerstone Therapeutics Inc.
(Nasdaq: CRTX), a specialty pharmaceutical company focused on acquiring,
developing and commercializing significant products primarily for the
respiratory and related markets, today announced that it has been added to the
Russell 3000 Index following Russell Investments' reconstitution of its
comprehensive set of U.S. and global equity indexes on June 26, 2009.
Cornerstone was also added to the Russell Microcap(R) Index.
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 Index, which remains in place for one year,
means automatic inclusion in the 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 Index also serves as the U.S. component to
the Russell Global Index, which Russell launched in 2007.
"We believe that this most recent accomplishment, on the heels of our
agreement with Chiesi, is a strong indicator that the Company's focus on the
respiratory market to generate profitable growth is beginning to gain traction
with investors," said Craig A. Collard, Cornerstone's President and Chief
Executive Officer. "We expect that the addition of Cornerstone to the Russell
3000 Index will increase our visibility among investors, provide an
opportunity to broaden our shareholder base and, ultimately, advance our
efforts to enhance shareholder value."
Russell indexes are widely used by investment managers and institutional
investors for index funds and as benchmarks for both passive and active
investment strategies. An industry-leading $4 trillion in assets currently
are benchmarked to them. These investment tools originated from Russell's
multi-manager investment business in the early 1980s when Russell saw the need
for a more objective, market-driven set of benchmarks in order to evaluate
outside investment managers.
About Russell
Russell Investments provides strategic advice, world-class implementation,
state-of-the-art performance benchmarks and a range of institutional-quality
investment products. Russell has $136 billion in assets under management as
of March 31, 2009, and serves individual, institutional and advisor clients in
more than 40 countries. Founded in 1936, Russell is a subsidiary of The
Northwestern Mutual Life Insurance Company.
About Cornerstone Therapeutics
Cornerstone Therapeutics Inc. (Nasdaq: CRTX), headquartered in Cary, N.C., is
a specialty pharmaceutical company focused on acquiring, developing and
commercializing significant products primarily for the respiratory and related
markets. The Company currently promotes multiple marketed products in the
United States to respiratory-focused physicians and key retail pharmacies with
its specialty sales force. The Company also has a late-stage clinical
pipeline with five regulatory approval submissions targeted within the next
three years. Key elements of the Company's strategy are to in-license or
acquire rights to underpromoted, patent-protected, branded respiratory or
related pharmaceutical products or late-stage product candidates; implement
life cycle management strategies to maximize the potential value and
competitive position of the Company's currently marketed products, newly
acquired products and product candidates that are currently in development;
grow product revenue through the Company's specialty sales force, which is
focused on the respiratory and related markets; and maintain and strengthen
the intellectual property position of the Company's currently marketed
products, newly acquired products and product candidates.
Safe Harbor Statement
Statements in this press release regarding the progress and timing of our
product development programs and related trials; our future opportunities; our
strategy, future operations, financial position, future revenues and projected
costs; our management's prospects, plans and objectives; and any other
statements about management's future expectations, beliefs, goals, plans or
prospects constitute forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995.
Any statements that are not statements of historical fact (including, without
limitation, statements containing the words "anticipate," "believe," "could,"
"estimate," "expect," "intend," "may," "plan," "should," "target," "will,"
"would" and similar expressions) should also be considered to be
forward-looking statements.
There are a number of important factors that could cause our actual results or
events to differ materially from those indicated by such forward-looking
statements, including risks relating to our ability to develop and maintain
the necessary sales, marketing, supply chain, distribution and manufacturing
capabilities to commercialize our products, including difficulties relating to
the manufacture of Zyflo CR(R) tablets; the possibility that the Food and Drug
Administration (the FDA) will take enforcement action against us or one or
more of our marketed drugs that do not have FDA-approved marketing
applications; patient, physician and third-party payor acceptance of our
products as safe and effective therapeutic products; our ability to maintain
regulatory approvals to market and sell our products that do have FDA approved
marketing applications; our ability to enter into additional strategic
licensing, collaboration or co-promotion transactions on favorable terms, if
at all; our ability to maintain compliance with NASDAQ listing requirements;
adverse side effects experienced by patients taking our products; difficulties
relating to clinical trials, including difficulties or delays in the
completion of patient enrollment, data collection or data analysis; the
results of preclinical studies and clinical trials with respect to our
products under development and whether such results will be indicative of
results obtained in later clinical trials; our ability to satisfy FDA and
other regulatory requirements; our ability to obtain, maintain and enforce
patent and other intellectual property protection for our products and product
candidates; and the other factors described in Item 1A (Risk Factors) of our
Quarterly Report on Form 10-Q filed with the Securities and Exchange
Commission (the SEC) on May 7, 2009 and other filings that we make with the
SEC. If one or more of these factors materialize, or if any underlying
assumptions prove incorrect, our actual results, performance or achievements
may vary materially from any future results, performance or achievements
expressed or implied by these forward-looking statements.
In addition, the statements in this press release reflect our expectations and
beliefs as of the date of this release. We anticipate that subsequent events
and developments will cause our expectations and beliefs to change. However,
while we may elect to update these forward-looking statements publicly at some
point in the future, we specifically disclaim any obligation to do so, whether
as a result of new information, future events or otherwise. Our
forward-looking statements do not reflect the potential impact of any future
acquisitions, mergers, dispositions, business development transactions, joint
ventures or investments that we may make, except that in particular
circumstances as specifically indicated we may address the potential impact of
our proposed transaction with Chiesi Farmaceutici SpA. These forward-looking
statements should not be relied upon as representing our views as of any date
after the date of this release.
Zyflo CR(R) is a trademark of Cornerstone Therapeutics Inc. Russell 3000
Index, Russell 2000 Index and Russell Microcap Index are registered trademarks
of Russell Investments.
Investor Relations Contacts:
FD
Evan Smith/Brian Ritchie
212-850-5600
evan.smith@fd.com/brian.ritchie@fd.com
Media Relations Contact:
FD
Robert Stanislaro
212-850-5600
robert.stanislaro@fd.com
SOURCE Cornerstone Therapeutics Inc.
Investor Relations, Evan Smith, evan.smith@fd.com, or Brian Ritchie,
brian.ritchie@fd.com, both of FD, +1-212-850-5600; or Media Relations, Robert
Stanislaro of FD, +1-212-850-5600, robert.stanislaro@fd.com, all for
Cornerstone Therapeutics Inc.
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