ADC Therapeutics Set to Join Russell 2000® and Russell 3000® Indexes

Rhea-AI Summary

ADC Therapeutics (NYSE: ADCT) will join the Russell 2000® and Russell 3000® indexes effective July 1, 2024. This inclusion follows the 2024 Russell US Indexes annual reconstitution, capturing the 4,000 largest US stocks as of April 30, 2024, based on market capitalization. CEO Ameet Mallik stated that this milestone validates ADC Therapeutics' corporate and capital allocation strategy, and highlights progress in their hematology and solid tumor portfolios. The Russell indexes, managed by FTSE Russell, are benchmarks for about $10.5 trillion in assets and guide investment strategies for many institutional investors. Membership in the Russell 3000® ensures automatic inclusion in either the Russell 1000® or Russell 2000® indexes.

Positive

• ADC Therapeutics will join Russell 2000® and Russell 3000® indexes, enhancing visibility and credibility.
• Inclusion in the Russell indexes can attract institutional investors, potentially increasing stock demand and liquidity.
• This milestone highlights the company's strategic progress in hematology and solid tumor portfolios.

Negative

• None.

LAUSANNE, Switzerland, June 27, 2024 (GLOBE NEWSWIRE) -- ADC Therapeutics SA (NYSE: ADCT) today announced that the Company is set to join the Russell 2000^® Index and the broad-market Russell 3000^® Index at the conclusion of the 2024 Russell US Indexes annual reconstitution, effective at the open of US equity markets on Monday, July 1, 2024.

“We are pleased to be joining the Russell 2000^® Index,” said Ameet Mallik, Chief Executive Officer of ADC Therapeutics. “This is a significant benchmark validating the focused execution of our corporate and capital allocation strategy and our progress toward multiple upcoming expected milestones throughout our hematology and solid tumor portfolios.”

The annual Russell US Indexes reconstitution captures the 4,000 largest US stocks as of Tuesday, April 30^th, ranking them by total market capitalization. Membership in the US all-cap Russell 3000^® Index, which remains in place for one year, means automatic inclusion in the large-cap Russell 1000^® Index or small-cap Russell 2000^® Index as well as the appropriate growth and value style indexes. FTSE Russell determines membership for its Russell indexes primarily by objective, market-capitalization rankings, and style attributes.

Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. According to the data as of the end of December 2023, about $10.5 trillion in assets are benchmarked against the Russell US indexes, which belong to FTSE Russell, a prominent global index provider.

For more information on the Russell 2000^® Index and the Russell indexes reconstitution, go to the “Russell Reconstitution” section on the FTSE Russell website.

About ADC Therapeutics

ADC Therapeutics (NYSE: ADCT) is a commercial-stage global leader and pioneer in the field of antibody drug conjugates (ADCs). The Company is advancing its proprietary ADC technology to transform the treatment paradigm for patients with hematologic malignancies and solid tumors.

ADC Therapeutics’ CD19-directed ADC ZYNLONTA (loncastuximab tesirine-lpyl) received accelerated approval by the FDA and conditional approval from the European Commission for the treatment of relapsed or refractory diffuse large B-cell lymphoma after two or more lines of systemic therapy. ZYNLONTA is also in development in combination with other agents and in earlier lines of therapy. In addition to ZYNLONTA, ADC Therapeutics has multiple ADCs in ongoing clinical and preclinical development.

ADC Therapeutics is based in Lausanne (Biopôle), Switzerland, and has operations in London and New Jersey. For more information, please visit https://adctherapeutics.com/ and follow the Company on LinkedIn.

ZYNLONTA^® is a registered trademark of ADC Therapeutics SA.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. In some cases you can identify forward-looking statements by terminology such as “may”, “will”, “should”, “would”, “expect”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “predict”, “potential”, “seem”, “seek”, “future”, “continue”, or “appear” or the negative of these terms or similar expressions, although not all forward-looking statements contain these identifying words. Forward-looking statements are subject to certain risks and uncertainties that can cause actual results to differ materially from those described. Factors that may cause such differences include, but are not limited to: the success of the Company’s updated corporate strategy including operating efficiencies, capital deployment and portfolio prioritization; the Company’s ability to achieve the decrease in total operating expenses for 2024, the expected cash runway into mid-2026, the effectiveness of the new commercial go-to-market strategy, competition from new technologies, and the Company’s ability to grow ZYNLONTA^® revenue in the United States; Swedish Orphan Biovitrum AB (Sobi^®) ability to successfully commercialize ZYNLONTA^® in the European Economic Area and market acceptance, adequate reimbursement coverage, and future revenue from the same; approval by the NMPA of the BLA for ZYNLONTA^® in China submitted by Overland ADCT BioPharma and future revenue from the same, our strategic partners’, including Mitsubishi Tanabe Pharma Corporation, ability to obtain regulatory approval for ZYNLONTA^® in foreign jurisdictions, and the timing and amount of future revenue and payments to us from such partnerships; the timing and future success from the University of Miami’s IITs in FL and MZL; the timing and results of the Company’s or its partners’ clinical trials including LOTIS 5 and 7, ADCT 601 and 602 as well as the Company’s early-stage pipeline research projects, actions by the FDA or foreign regulatory authorities with respect to the Company’s products or product candidates; projected revenue and expenses; the Company’s indebtedness, including Healthcare Royalty Management and Oaktree and Blue Owl facilities, and the restrictions imposed on the Company’s activities by such indebtedness, the ability to repay such indebtedness and the significant cash required to service such indebtedness; and the Company’s ability to obtain financial and other resources for its research, development, clinical, and commercial activities. Additional information concerning these and other factors that may cause actual results to differ materially from those anticipated in the forward-looking statements is contained in the “Risk Factors” section of the Company's Annual Report on Form 20-F and in the Company's other periodic reports and filings with the Securities and Exchange Commission. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance, achievements or prospects to be materially different from any future results, performance, achievements or prospects expressed in or implied by such forward-looking statements. The Company cautions investors not to place undue reliance on the forward-looking statements contained in this document. The Company undertakes no obligation to revise or update these forward-looking statements to reflect events or circumstances after the date of this press release, except as required by law.

CONTACTS:

Investors
Marcy Graham
ADC Therapeutics
Marcy.Graham@adctherapeutics.com
+1 650-667-6450

Media
Nicole Riley
ADC Therapeutics
Nicole.Riley@adctherapeutics.com
+1 862-926-9040

FAQ

When will ADC Therapeutics (ADCT) join the Russell 2000® and Russell 3000® indexes?

ADC Therapeutics will join the Russell 2000® and Russell 3000® indexes on July 1, 2024, following the 2024 Russell US Indexes annual reconstitution.

What does joining the Russell 2000® and Russell 3000® indexes mean for ADC Therapeutics (ADCT)?

Joining the Russell 2000® and Russell 3000® indexes means increased visibility and credibility for ADC Therapeutics, potentially attracting more institutional investors.

How are companies selected for the Russell 2000® and Russell 3000® indexes?

Companies are selected for the Russell 2000® and Russell 3000® indexes based on market capitalization rankings as of April 30, 2024, during the annual reconstitution process.

What impact does inclusion in the Russell 2000® and Russell 3000® indexes have on ADC Therapeutics' (ADCT) stock?

Inclusion in the Russell 2000® and Russell 3000® indexes can increase stock demand and liquidity, as these indexes are widely used by investment managers and institutional investors.

Why is the Russell 2000® and Russell 3000® inclusion significant for ADC Therapeutics (ADCT)?

The inclusion is significant as it validates ADC Therapeutics' corporate and capital allocation strategy and highlights progress in their hematology and solid tumor portfolios.