Addex Provides Trading Update and Completes 2019 with Cash Position of CHF31.5 million
Geneva, Switzerland, January 13, 2020 – (SIX: ADXN), a leading allosteric modulation-based drug discovery and development company, today announced that it completed 2019 with CHF31.5 million of cash and cash equivalents, and in 2019 used net cash in operations of CHF10.2 million.
“Our financial performance in 2019 was driven by spending on our dipraglurant Parkinson’s disease levodopa induced dyskinesia (PD-LID) program, which is on track to start dosing patients in a pivotal registration clinical trial this quarter,” said Tim Dyer, CEO of Addex. “We also look forward to completing our previously-announced proposed listing of American Depositary Shares (ADSs) representing the Company's shares on the Nasdaq Stock Market (Nasdaq) in Q1, as well as progressing our preclinical programs.”
Financial Update
- Cash and cash equivalents at December 31, 2019 of CHF31.5 million
- Net cash used in operations of CHF10.2 million, in line with expections
- Proposed listing of ADSs on Nasdaq on track for completion during first quarter 2020
Pipeline Update
- Dipraglurant: registration program on track to start first pivotal registration study in Q1 2020 for the treatment of dyskinesia associated with Parkinson’s disease.
- Indivior partnership: significant progress made to discover and characterize novel gamma-aminobutyric acid subtype B (GABAB) positive allosteric modulator (PAM) compounds. Total research funding of CHF3.6 million received in 2019.
- Project DiSARM FEAR, an Addex-led consortium for the development of orally available small molecule negative allosteric modulators (NAMs) targeting the metabotropic glutamate receptor 7 (mGlu7) as a potential treatment to reduce fear memory in post-traumatic stress disorder (PTSD) awarded €4.85 million Eurostars grant in 2019.
Upcoming Financial Reports
- March 16, 2020 - full-year financial results and publication of the Annual Report
About Addex Therapeutics
is a clinical-stage pharmaceutical company focused on the development and commercialization of an emerging class of novel orally available small molecule drugs known as allosteric modulators for neurological disorders. Allosteric modulators offer several potential advantages over conventional non-allosteric molecules and may offer an improved therapeutic approach to 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. Addex's lead drug candidate, dipraglurant (mGlu5 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 in preclinical models. Addex's second clinical program, ADX71149 (mGlu2 positive allosteric modulator or PAM) is being developed in collaboration with Janssen Pharmaceuticals, Inc for the treatment of epilepsy. In addition, Addex’s GABAB PAM program has been licensed to Indivior PLC for the treatment of addiction. Preclinical programs include GABAB PAM for CMT1A, mGlu7 NAM for PTSD, mGlu2 NAM for mild neurocognitive disorders, mGlu4 PAM for Parkinson’s disease and mGlu3 PAM for neurodegenerative disorders.
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. and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction. A registration statement relating to the ADSs and underlying shares has been filed with the United States Securities and Exchange Commission (SEC) but has not yet become effective; these securities may not be sold nor may offers to buy be accepted in the United States prior to the time that such registration statement becomes effective. This document does not constitute a prospectus according to art. 652a or art. 1156 of the Swiss Code of obligations or art. 27 et seq. of the Swiss Exchange Listing Rules. This publication may contain certain forward-looking statements concerning the Company and its business, including with respect to the potential listing of the Company’s securities on Nasdaq. 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; the listing of the Company’s securities in the United States remains subject to approval by the SEC and Nadsaq. 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.
