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The re-ranking will result in three securities being added to the Index. All securities are classified according to the Industry Classification Benchmark (ICB) as either biotechnology or pharmaceutical. The securities that meet the classification criteria then must meet other Index eligibility criteria including listing on the NASDAQ Global Market or the NASDAQ Global Select Market and meeting minimum requirements for market value, average daily share volume and seasoning as a public company. The Index is ranked on a semi-annual basis in May and November.
The following companies will be added to the index as a result of the re-ranking:
Celera Corporation, (Nasdaq:CRA) is a diagnostics company that delivers personalized disease management through a combination of products and services. The Company operates a clinical laboratory that provides testing services and develops, manufactures, and oversees the commercialization of molecular diagnostic products.
Micromet, Inc. (Nasdaq:MITI) is a biotechnology company. The Company develops novel antibody-based drugs for the treatment of cancer, inflammation and autoimmune diseases.
Optimer Pharmaceuticals, Inc. (Nasdaq:OPTR) discovers, develops, and commercializes anti-infective products. Optimer's initial development efforts address products that treat gastrointestinal infections (GI), and related diseases, including diminished efficacy, serious adverse side effects, drug-to-drug interactions, difficult patient compliance, and bacterial resistance.
As a result of the re-ranking, Cell Therapeutics, Inc. (Nasdaq:CTIC), deCODE genetics, Inc. (Nasdaq:DCGN), Dynavax Technologies Corp. (Nasdaq:DVAX), EPIX Pharmaceuticals, Inc. (Nasdaq:EPIX), ISTA Pharmaceuticals, Inc. (Nasdaq:ISTA), MDRNA, Inc. (Nasdaq:MRNA), Nuvelo, Inc. (Nasdaq:NUVO), Orchid Cellmark Inc. (Nasdaq:ORCH) and Penwest Pharmaceuticals Co. (Nasdaq:PPCO) will be removed from the Index.
The NASDAQ Biotechnology Index is the basis for the iShares Nasdaq Biotechnology Index(sm) Fund (Nasdaq:IBB), which seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the NASDAQ Biotechnology Index. In addition, options based on the NASDAQ Biotechnology Index and the iShares Nasdaq Biotechnology Index Fund trade on various exchanges. -- www.nasdaq.com
Posted November 18th, 2008 by ruzik_tuzik
