Addex Trading Update: Completes 2018 with Strong Cash Position
Geneva, Switzerland, 7th January 2019 – Addex Therapeutics (SIX: ADXN), a leading company pioneering allosteric modulation-based drug discovery and development, announced today that it has completed the year 2018 with CHF41.7 million of cash and cash equivalence, and a net operating cash inflow of CHF1.8 million.
“Our positive operating cash performance was primarily driven by cash inflows from our partnership with Indivior and our strengthened cash position from our CHF40 million capital increase in March 2018,” said Tim Dyer, CEO of Addex. “For 2019, our focus continues to be the initiation of registration studies for dipraglurant in patients with Parkinson’s disease levodopa induced dyskinesia (PD-LID) and delivering on our funded research collaboration with Indivior, as well as pursuing additional collaborative arrangements accross our allosteric modulator portfolio.”
Financial Update
- Cash and cash equivalents at 31 December 2018 of CHF41.7 million
- Cash inflows from licensing, collaborations and grant providers of CHF6.4 million
- Cash used in operations of CHF4.6 million, in line with expections
- Net proceeds from capital increase of CHF37.5 million
Pipeline & Operating Update
- Dipraglurant: solid progress made to start pivotal registration studies in H2 2019 for the treatment of dyskinesia associated with Parkinson’s disease – manufacturing and CRO selection ongoing
- Janssen partnership: continuing to work with our partner to advance ADX71149 into a proof of concept study in epilepsy
- Indivior partnership: delivering on plans to enter phase 1 with lead candidate, ADX71441 during Q2 2019
- GABAB PAM: novel candidates identified and progressing into preclinical characterization in models of addiction and Charcot-Marie-Tooth type 1A neuropathy
- Discovery programs: mGluR4PAM, mGluR3PAM, mGluR7NAM and TrkB PAM making significant progress in lead optimization
- Team Expansion: progressing according to plan with 17 full time equivalents at end of 2018.
Upcoming Financial Reports
- 11 March 2019 - Full-year financial results and publication of the Annual Report
- 31 July 2019 – Half-year 2019 financial results
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' 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, ADX71441 (GABAB receptor PAM) program was awarded a $5.3 million grant by the US National Institute on Drug Abuse (NIDA, a division of National Institutes of Health (NIH)) to support human studies in cocaine addiction and has been licensed to Indivior. Discovery programs include mGluR4PAM, mGluR7NAM, mGluR3PAM and TrkBPAM.
Press Contacts:
For Addex Therapeutics
| Tim Dyer Chief Executive Officer Telephone: 5 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.
