CAMBRIDGE, Mass., Jan. 3, 2011 (GLOBE NEWSWIRE) -- Infinity Pharmaceuticals, Inc. (Nasdaq:INFI) announces that, effective today, it has been named to the NASDAQ Global Select Market tier, the premier listing tier for NASDAQ companies. The NASDAQ Global Select Market tier was created in July 2006 for companies that meet the highest listing standards in the world, based on financial and liquidity requirements.
"We are delighted by the recognition of our financial strength and by the fact that Infinity stock will now be trading on the top tier of the NASDAQ Stock Market," stated Adelene Q. Perkins, president and chief executive officer of Infinity. "Our strong financial profile enables us to advance a broad portfolio of product candidates that have the potential to meaningfully impact patients' lives, and thereby create long-term value for shareholders."
Following elevation to the NASDAQ Global Select Market, the company's ticker symbol remains INFI. Infinity shares previously traded on the NASDAQ Global Market. Currently, NASDAQ-listed companies are classified under three listing tiers – NASDAQ Global Select Market, NASDAQ Global Market, and NASDAQ Capital Market. More information about the NASDAQ Global Select Market is available at www.nasdaq.com/GlobalSelect.
About Infinity Pharmaceuticals, Inc.
Infinity is an innovative drug discovery and development company seeking to discover, develop, and deliver to patients best-in-class medicines for difficult-to-treat diseases. Infinity combines proven scientific expertise with a passion for developing novel small molecule drugs that target emerging disease pathways. Infinity's programs in the inhibition of the Hedgehog pathway, the Hsp90 chaperone system, fatty acid amide hydrolase, and phosphoinositide-3-kinase are evidence of its innovative approach to drug discovery and development. For more information on Infinity, please refer to the company's website at http://www.infi.com.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties that could cause actual results to be materially different from historical results or from any future results expressed or implied by such forward-looking statements. Such statements are subject to numerous factors, risks and uncertainties that may cause actual events or results to differ materially from the company's current expectations. For example, there can be no guarantee that any of Infinity's product candidates will successfully complete necessary preclinical and clinical development phases, or that the company's strategic alliance with Purdue and Mundipharma will continue as planned. Further, there can be no guarantee that positive developments in our product development portfolio will result in stock price appreciation. In particular, management's expectations could be affected by risks and uncertainties relating to: results of clinical trials and preclinical studies, including subsequent analysis of existing data and new data received from ongoing and future studies; the content and timing of decisions made by the U.S. Food and Drug Administration and other regulatory authorities and investigational review boards at clinical trial sites; Infinity's ability to enroll patients in its clinical trials; and Infinity's ability to obtain, maintain and enforce patent and other intellectual property protection for any product candidates it is developing. These and other risks which may impact management's expectations are described in greater detail under the caption "Risk Factors" included in Infinity's quarterly report on Form 10-Q filed with the Securities and Exchange Commission on November 9, 2010. Further, any forward-looking statements contained in this press release speak only as of the date hereof, and Infinity expressly disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
CONTACT: Infinity Pharmaceuticals, Inc. Jaren Irene Madden 617-453-1336 Jaren.Madden@infi.com http://www.infi.com