For more Information: WHC
Brochure, Research
Report, Strike
Price Memo, Components
and Specifications
PHILADELPHIA – May 23, 2005 - The Philadelphia Stock Exchange (PHLX)
announced today that it will begin trading options on the first
of a series of healthcare/biotechnology indexes developed by WellSpring
BioCapital Partners. The new index, the WellSpring Bio-Clinical
Trials Index (WHC) will begin trading on Tuesday, May 24.
The WellSpring Bio-Clinical Trials Index measures the performance of biotechnology
companies that have at least one major drug therapy or medical device currently
undergoing either a late stage Phase 2 or a Phase 3 clinical trial. The
equal dollar-weighted index is comprised of 22 public companies. (WHC
Components)
“PHLX today reaffirms its leadership in Sector Indexes by launching the
WellSpring Bio-Clinical Trials Index,” said PHLX Vice President of New
Products, Daniel Carrigan. “This marks the beginning of an extensive range
of innovative PHLX products in the Health Care / Life Sciences Sector that observe
a spectrum of services. The US seeks a sustainable health care system for every
American that respects quality of care, services, choice and value. Accordingly,
we intend to be at the forefront of financial products that address a sector
that has grown to nearly 16% of the U.S. economy,” added Carrigan.
“ The Clinical Trials Index is comprised of some of biotech industry’s most
exciting and promising young companies,” said WellSpring CEO, Sam Katz. “Among
these are Isis Pharmaceuticals (ISIS), a company using antisense therapies to
prevent the production of proteins involved in diseases like colitis, and Dendreon
(DNDN), developing a therapeutic vaccine called Provenge, for the treatment of
prostate cancer. This drug that has been cited twice in Wall Street Journal editorials
urging the drug’s immediate approval by the FDA,” said Katz. “We
anticipate that the Clinical Trials Index will provide an excellent proxy that
measures the performance of promising biotechnology companies at a critical juncture
in their evolution,” he added.
Clinical trials are a critical part of the drug or therapeutic development process.
The component companies include those that study prevention options; new treatments
or new ways to utilize existing treatments; new screening or diagnostic techniques,
or other options for improving the conditions of patients facing a range of medical
conditions. Currently, more than 8,000 clinical trials are underway according
to the National Institutes of Health. Phase 2 trials test the efficacy of drugs.
Phase 3 trials assess the range of potential adverse reactions experienced by
patients. The data produced from clinical trials determine whether a therapy
or treatment receives approval by the U.S. Food and Drug Administration.
In conjunction with the launch of the Clinical Trials Index, WellSpring has issued
a detailed report introducing the index and detailing its components, the importance
of clinical trials and explaining the maintenance of the index. A copy of the
report can be obtained on the websites of both the PHLX and WellSpring BioCapital
Partners.
About the Philadelphia Stock Exchange:
The Philadelphia Stock Exchange was founded in 1790. The PHLX trades nearly 2,000
stocks, more than 1,650 equity options, 21 sectors index options and currency
options and futures. For more information about the PHLX and its products, visit
www.phlx.com.
About WellSpring BioCapital Partners:
WellSpring BioCapital Partners is an investment firm offering innovative
investment products focused on the next generation of treatments, therapies
and cures for diseases. Currently, the company has created a disease centric
unit investment trust products called Vertical Investments of Life Sciences
Trusts (VIOLTs) that is being distributed through brokers. For more information
about WellSpring BioCapital, visit www.wellspringbiocapital.com.
About Susquehanna Investment Group:
The Susquehanna International Group of Companies (SIG), a leading institutional
sales, research and market making firm, offers renowned execution expertise
in listed, NASDAQ, Exchange Traded Funds (ETFs), options, program trading
and American Depositary Receipts (ADRs). SIG also provides unbiased, differentiated
equity research to the institutional asset management community. SIG encompasses
a NASDAQ market making operation in over 3,000 stocks, is among the nation’s
largest option market makers and specialist in over 600 option classes, is
the leading sector index options trading firm and is one of the largest liquidity
providers in ETFs. SIG has offices in Bala Cynwyd, Boston, Chicago, Dublin,
New York, Philadelphia, San Francisco, and Sydney. For more information,
please visit www.sig.com.
