Durham antiviral drug developer Chimerix said Wednesday it will be listed on the widely tracked Russell stock indices, giving the 46-employee company further exposure to global investors.
Chimerix will be listed on three Russell indices -- The Russell 2000, Russell 3000 and Russell Global -- at the end of the day Friday. Analysts and investors track the indices for small-cap company performance and mutual fund managers use the indices to benchmark company performance within market sectors.
Chimerix is a 13-year-old company that has no products on the market but has raised $117.9 million in April in a stock offering. Since being offered at $14 a share this spring, Chimerix stock surged and is hovering at $22.90 in midday trading Wednesday. One analyst has projected the stock's value at $32.
Chimerix is developing a treatment for life-threatening viral infections in patients whose immune systems have been compromised by cancer or by drugs. Its most advanced experimental drug, CMX001, has gone through two patient trials and is scheduled for a third and final test this year.
Chimerix is also developing an experimental HIV treatment, CMX157. Last summer Merck licensed the rights to the product for a $17.5 million upfront payment plus milestone payments that could reach $151 million. Merck will be responsible for developing and marketing the drug.