Addex Increases Issued Share Capital and Creates Treasury Shares
Geneva, Switzerland, May 20, 2019 – Addex Therapeutics (SIX: ADXN), a leading company pioneering allosteric modulation-based drug discovery and development, today announced that it has increased its capital from 28,564,031 to 32,848,635 through the issue of 4,284,604 new registered shares at a nominal value of CHF1 each to Addex Pharma S.A, its 100% wholly-owned subsidiary. The new shares, issued from the Company’s authorized capital, will be listed on the SIX Swiss Exchange from May 21, 2019. The transaction has been executed to provide the Group with additional treasury shares that can be used in the future to raise funds in an efficient manner.
“This transaction has been executed to provide us with future financing flexibility as we execute on our plans to start a pivotal registration study with dipraglurant in Parkinson’s disease levodopa-induced dyskinesia (PD-LID) by the end of 2019,” said Tim Dyer, CEO of Addex. “This is purely a preparatory step and we have no intention of using these new shares to raise capital in the current depressed market conditions.”
About Addex Therapeutics
Addex Therapeutics () is a biopharmaceutical company focused on the development of novel, orally available, small molecule allosteric modulators for neurological disorders. Allosteric modulators are an emerging class of small molecule drugs which have the potential to be more specific and confer significant therapeutic advantages over conventional "orthosteric" small molecule or biological drugs. Addex's allosteric modulator drug discovery platform targets receptors and other proteins that are recognized as essential for therapeutic intervention - the Addex pipeline has been generated from this pioneering allosteric modulator drug discovery platform. Addex's lead drug candidate, dipraglurant (mGluR5 negative allosteric modulator or NAM) has successfully completed a Phase 2a POC in Parkinson's disease levodopa-induced dyskinesia (PD-LID), and is being prepared to enter registration trials for PD-LID. In parallel, dipraglurant's therapeutic use in dystonia is being investigated. Addex's second clinical program, ADX71149 (mGluR2 positive allosteric modulator or PAM) is being developed in collaboration with Janssen Pharmaceuticals, Inc for epilepsy. In addition, Addex’s GABAB PAM program has been licensed to Indivior PLC for the treatment of addiction. Discovery programs include mGluR4PAM, mGluR7NAM, mGluR3PAM and TrkBPAM.
Press Contacts:
| Tim Dyer Chief Executive Officer Telephone: 1 Email: | Mike Sinclair Partner, Halsin Partners +44 (0)20 7318 2955 |
Disclaimer / Forward-looking statements: This communication does not constitute an offer or invitation to subscribe for or purchase any securities of Addex Therapeutics Ltd. This publication may contain certain forward-looking statements concerning the Company and its business. Such statements involve certain risks, uncertainties and other factors which could cause the actual results, financial condition, performance or achievements of the Company to be materially different from those expressed or implied by such statements. Readers should therefore not place undue reliance on these statements, particularly not in connection with any contract or investment decision. The Company disclaims any obligation to update these forward-looking statements.
