Ocean Biomedical, Inc. Joins the Russell 2000® Index


Ocean Biomedicals Inclusion in the Russell 2000® Index and Russell 3000® Index Builds Momentum for Cutting Edge Therapeutic Programs Targeting Multiple Cancers, Fibrotic Diseases, and Malaria

Providence, RI, June 27, 2023 (GLOBE NEWSWIRE) — Ocean Biomedical, Inc. (NASDAQ: OCEA) announced today that as part of the annual reconstitution of the Russell stock indexes, the Company has been included in the Russell 2000® Index and the broad-market Russell 3000® Index, which became effective on Monday, June 26, 2023.

Ocean Biomedical is a new-era biopharmaceutical company that in licenses promising research from top-tier researchers to accelerate them into the clinic and develop them into high-impact medicines. With a management team of experienced biopharma, business and scientific leaders, Ocean Biomedical 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.


Ocean Biomedical’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. Current programs include:

  1. 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;
  2. Fibrosis therapeutic program with potential for disease-modifying activity to address multiple fibrotic diseases from idiopathic pulmonary fibrosis (IPF) to alcoholic liver disease to scleroderma; and
  3. Malaria/Infectious Disease program, which has led to breakthrough vaccine and therapeutic candidates for the prevention and treatment of malaria.

Leadership Quotes

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

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

“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,” expressed 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,” concluded Gurinder Kalra, CFO of Ocean Biomedical.

Membership in the Russell 3000® Index means automatic inclusion in the large-cap Russell 1000® Index or small-cap Russell 2000® Index, as well as in the appropriate growth and value style indexes. The Russell 3000® Index encompasses the 3,000 largest U.S.-traded stocks by objective, market-capitalization rankings, and style attributes. Membership in these indexes is updated annually and remains in place for one year.

Investment managers and institutional investors widely use The Russell Indexes for index funds and as benchmarks for active investment strategies. Approximately US $12.1 trillion in assets are benchmarked against Russell’s U.S. indexes. Russell indexes are part of FTSE Russell, a leading global index provider.

For more information on the Russell 2000® Index and the Russell U.S. Indexes Reconstitution, visit the “Russell Reconstitution” section on the FTSE Russell website.

About Ocean Biomedical

Ocean Biomedical, Inc. is a Providence, Rhode Island-based biopharma company with an innovative business model that accelerates the development and commercialization of scientifically compelling assets from research universities and medical centers. Ocean Biomedical deploys the funding and expertise to move new therapeutic candidates efficiently from the laboratory to the clinic, to the world. Ocean Biomedical is currently developing five promising discoveries that have the potential to achieve life-changing outcomes in lung cancer, brain cancer, pulmonary fibrosis, and the prevention and treatment of malaria. The Ocean Biomedical team is working on solving some of the world’s toughest problems, for the people who need it most.

To learn more, visit www.oceanbiomedical.com.

About FTSE Russell

FTSE Russell is a global index leader that provides innovative benchmarking, analytics and data solutions for investors worldwide. FTSE Russell calculates thousands of indexes that measure and benchmark markets and asset classes in more than 70 countries, covering 98% of the investable market globally.

FTSE Russell index expertise and products are used extensively by institutional and retail investors globally. Approximately $17.9 trillion is currently benchmarked to FTSE Russell indexes. For over 30 years, leading asset owners, asset managers, ETF providers and investment banks have chosen FTSE Russell indexes to benchmark their investment performance and create ETFs, structured products and index-based derivatives.

A core set of universal principles guides FTSE Russell index design and management: a transparent rules-based methodology is informed by independent committees of leading market participants. FTSE Russell is focused on applying the highest industry standards in index design and governance and embraces the IOSCO Principles. FTSE Russell is also focused on index innovation and customer partnerships as it seeks to enhance the breadth, depth and reach of its offering.

FTSE Russell is wholly owned by London Stock Exchange Group.

For more information, visit www.ftserussell.com.

Forward-Looking Statements

The information included herein and in any oral statements made in connection herewith include “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target,” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. These forward-looking statements include but are not limited to: the expected timing and success of investigational new drug (“IND”) filings for our initial product candidates; statements regarding the expected timing of our IND-enabling studies; the frequency and timing of filing additional INDs; expectations regarding the availability and addition of future assets to our pipeline; the advantages of any of our pipeline assets and platforms; the potential benefits of our product candidates; potential commercial opportunities; the timing of key milestones for our programs; the future financial condition, results of operations, business strategy and plans, and objectives of management for future strategy and operations; and statements about industry trends and other companies in the industry. These forward-looking statements are based on various assumptions, whether or not identified herein, and on the current expectations of the management of Ocean Biomedical, Inc. (the “Company”), and they are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions.

Any discoveries announced by the Company are based solely on laboratory and animal studies. The Company has not conducted any studies that show similar efficacy or safety in humans. There can be no assurances that any treatment tested by the Company will prove safe or effective in humans, and any clinical benefit of any such treatment is subject to clinical trials and ultimate approval of its use in patients by the FDA. Such approval, if granted, could be years away.

Forward-looking statements are predictions, projections, and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. These forward-looking statements are not guarantees of future performance, conditions, or results, and involve a number of known and unknown risks, uncertainties, assumptions, and other important factors, many of which are outside the control of the Company that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. You should carefully consider the foregoing factors and the other risks and uncertainties that are described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, and in other documents to be filed by the Company from time to time with the SEC and which are and will be available at www.sec.gov. These filings identify and address important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. We do not undertake any obligation to update any forward-looking statements made by us. These forward-looking statements should not be relied upon as representing the Company’s assessments as of any date subsequent to the date of this filing. Accordingly, undue reliance should not be placed upon the forward-looking statements.

Ocean Biomedical Investor Relations
[email protected]

Ocean Biomedical Media Relations
[email protected]

Kevin Kertscher
Communications Director

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