Ocean Biomedical (OCEA) joins the Russell 2000 Index

Ocean Biomedical, Inc. (NASDAQ: OCEA) on Tuesday said it has been included in the Russell 2000 Index and the broad-market Russell 3000 Index, as part of the annual reconstitution of the Russell stock indexes. The membership became effective on Monday, June 26, 2023.

Dr. Chirinjeev Kathuria, Ocean Biomedical’s co-founder and executive chairman, said, “This significant milestone underscores Ocean Biomedical’s unwavering commitment to delivering groundbreaking advancements that will save lives.”

By becoming a member of the Russell 3000 Index, the company gets automatically included in the large-cap Russell 1000 Index or small-cap Russell 2000 Index, as well as in the appropriate growth and value style indexes.

Ocean Biomedical is a biopharmaceutical company that partners with scientists, research universities, and medical centers for developing and commercializing their discoveries. The company, which has a management team of experienced biopharma, business, and scientific leaders, works to efficiently move new discoveries from the lab to the market, providing the capital and expertise needed to turn novel research into transformative therapeutics.

“We are thrilled to announce our inclusion in the esteemed Russell 2000® Index, a renowned benchmark for small-cap stocks. We are hopeful that our inclusion will drive awareness of Ocean Biomedical as an attractive investment as we continue to execute our growth strategy,” commented Elizabeth Ng, CEO of Ocean Biomedical.

Strong Portfolio

The company’s current portfolio consists of three programs, each with the potential for multiple indications and based on discoveries of novel, first-in-class biological targets, with the intention to add more. The programs include cancer immunotherapy program which targets an apparent master regulator of cancer cell growth with potential for use in a broad array of visceral cancers, from lung cancer to glioblastoma to prostate cancer; fibrosis therapeutic program with potential for disease-modifying activity to address multiple fibrotic diseases from idiopathic pulmonary fibrosis to alcoholic liver disease to scleroderma; and malaria/infectious disease program, which has led to breakthrough vaccine and therapeutic candidates for the prevention and treatment of malaria.

“We are excited by this momentous inclusion, as it serves as a resounding testament to our commitment to excellence and reinforces our confidence in our company’s endeavors,” said Suren Ajjarapu, a member of Ocean Biomedical’s independent board of directors.

“This milestone shines a spotlight on our promise to our shareholders that we will steadfastly cultivate and elevate our value,” commented the company’s CFO Gurinder Kalra.

Patent Award

Ocean Biomedical this week revealed that its scientific co-founder Dr. Jack Elias received a new, broad US patent for bispecific antibodies targeting chitinase 3-like-1 and programmed cell death protein 1, a promising new approach that has emerged from prior breakthrough discoveries that CHi3L1 is a ‘master regulator’ of tumor growth in multiple visceral cancers.