Skye Bioscience Joins Russell 2000 and 3000 Indexes

SAN DIEGO, July 01, 2024-- Skye Bioscience, Inc. (Nasdaq: SKYE), a biopharmaceutical company in the clinical stage, has announced its inclusion in the Russell 2000® and Russell 3000® indexes. Effective from the opening of the U.S. markets on July 1, 2024, this inclusion follows the annual reconstitution of the Russell stock indexes.

Kaitlyn Arsenault, Skye's Chief Financial Officer, expressed satisfaction with the recognition. She remarked, "Being part of the Russell indexes, recognized benchmarks for small-cap stocks, showcases Skye’s achievements. We anticipate that this inclusion will heighten our visibility within the investment sector as we progress with our distinctive obesity program and gear up for the anticipated launch of our Phase 2 clinical trial of Nimacimab in Q3 2024."

The reconstitution of the Russell US Indexes annually identifies the 4,000 largest US stocks based on market capitalization as of April 30th. Inclusion in the Russell 3000® Index ensures automatic membership in either the large-cap Russell 1000® Index or the small-cap Russell 2000® Index, in addition to the relevant growth and value style indexes. FTSE Russell determines these memberships through market-capitalization rankings and style characteristics.

Russell indexes serve as vital tools for investment managers and institutional investors, often used for index funds and as benchmarks for active investment strategies. By the end of December 2023, approximately $10.5 trillion in assets were benchmarked against the Russell US indexes, which are managed by FTSE Russell, a global leader in index provision.

FTSE Russell provides a suite of benchmarking, analytics, and data solutions for investors, enabling a clear market perspective necessary for informed investment decisions. Their reliable and accurate indexes help investors worldwide to measure and benchmark markets across various asset classes, styles, or strategies. These indexes are extensively utilized by institutional and retail investors globally. Over the past three decades, leading asset managers, ETF providers, and investment banks have relied on FTSE Russell indexes to gauge investment performance and create ETFs, structured products, and index-based derivatives.

FTSE Russell strives to meet the highest industry standards in index design and governance, employing transparent, rules-based methodologies shaped by independent committees of market experts. The organization fully adheres to the IOSCO Principles, with a Statement of Compliance that has received independent validation. Client needs and partnerships drive FTSE Russell’s index innovation, allowing continuous enhancement of its offerings.

FTSE Russell is a wholly-owned subsidiary of the London Stock Exchange Group.

Nimacimab, Skye's prominent therapeutic candidate, is a pioneering humanized monoclonal antibody designed to inhibit CB1 signaling peripherally. Blocking CB1 signaling has shown promising anti-fibrotic, anti-inflammatory, and metabolic effects, potentially addressing various diseases such as obesity, chronic kidney disease, and metabolic dysfunction-associated steatohepatitis (MASH).

Skye Bioscience focuses on harnessing the potential of the endocannabinoid system to develop treatments for diseases linked to metabolic, inflammatory, and fibrotic processes. Supported by specialized life science investors, Skye's strategy emphasizes biologic targets with significant human proof of mechanism. This approach aims to develop first-in-class therapeutics with notable clinical and commercial differentiation. The company plans to initiate a Phase 2 clinical trial for Nimacimab as a treatment for obesity in Q3 2024. This trial will compare the efficacy of Nimacimab as a monotherapy and in combination with a GLP-1R agonist.

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