Two Roch. linked companies + Russell 3000
Bad or not, it is true. For the few other folks out there who are not up on their stock indexes, here's the definition from Russell's web site:
"The Russell 3000 Index measures the performance of the largest 3000 U.S. companies representing approximately 98% of the investable U.S. equity market.
The Russell 3000 Index is constructed to provide a comprehensive, unbiased, and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are reflected."
• Anyway, EnteroMedics Inc. signed a deal with Mayo Clinic back in 2005 to work together to develop an external, Pacemaker-like weight control device and to license some of Mayo Clinic's patents.
"Spectacularly successful" is how then-EnteroMedics CEO Mark Knudson described the relationship with Mayo Clinic back in 2006.
Here's a snippet from the Twin Cities-based company's announcement about Russell:
"Russell indexes are widely followed by the investment community and inclusion in the Russell 3000 is an important benchmark for any emerging company. We expect that this milestone will increase our visibility and bring EnteroMedics' efforts in obesity, diabetes, and hypertension to a wider investor audience," said Greg S. Lea, Senior Vice President and Chief Financial Officer of EnteroMedics.
• Buffalo, N.Y.-based Computer Task Group, Inc. or CTG is a major contractor for IBM and had up to 300 people working in Rochester back in 2006. Its Rochester office opened in 2004.
Since then it has had several layoffs and paycuts, though the company has declined to provide details on those moves.