- Top-line data from ADX71149 Phase 2 epilepsy study expected by
mid-May 2024 - Launched Neurosterix with
Perceptive Advisors , raisingUSD 63 million in Series A to accelerate development of preclinical portfolio - Received
CHF 5 million upfront and 20% equity in Neurosterix, providing cash runway beyond 2026
Ad Hoc Announcement Pursuant to Art. 53 LR
“The progress made in 2023 and commitment from the whole team has recently resulted in the launch of Neurosterix, a transformational transaction for Addex. The Neurosterix transaction has validated decades of work and positions Addex in a very favorable position moving forward in 2024. Importantly, top-line data from the ADX71149 Phase 2 epilepsy study is expected soon and we anticipate starting IND enabling studies with drug candidates from our GABAB PAM collaboration with Indivior by the end of 2024,” said
Operating Highlights:
- ADX71149 epilepsy Phase 2 study completed - results expected by
mid-May 2024 - Dipraglurant ready to restart Phase 2 development for PD-LID
- Data validating dipraglurant in post-stroke recovery in vivo models published in Brain supporting development in post-stroke recovery
- GABAB PAM Indivior collaboration for substance use disorders extended through to end
June 2024 withCHF 2.7 million of additional research funding - GABAB PAM drug candidates demonstrated robust in vivo proof of concept in preclinical models of substance use disorder and cough
- Addex led consortium secured
EUR 4 million Eurostars grant for mGlu2NAM mild neurocognitive disorders discovery program - Secured
USD 63 million to advance our allosteric modulator drug discovery platform and unpartnered preclinical portfolio through the launch of Neurosterix withPerceptive Advisors
Key 2023 Financial Data
CHF’ thousands | 2023 | 2022 | Change |
Income | 1,647 | 1,445 | 202 |
R&D expenses | (6,962) | (14,665) | 7,703 |
G&A expenses | (4,966) | (7,300) | 2,334 |
Total operating loss | (10,281) | (20,520) | 10,239 |
Finance result, net | (275) | (284) | 9 |
Net loss for the period | (10,556) | (20,804) | 10,248 |
Basic and diluted net loss per share | (0.14) | (0.46) | 0.32 |
Net decrease in cash and cash equivalents | (3,092) | (13,528) | 10,436 |
Cash and cash equivalents | 3,865 | 6,957 | (3,092) |
Shareholders’ equity | 1,145 | 4,913 | (3,768) |
Financial Summary:
Income primarily relates to amounts received under our funded research collaboration with Indivior and is recognized as related costs are incurred. In 2023, income increased by
2023 Consolidated Financial Statements:
The full-year 2023 financial report can be found on the Company’s website in the investor/download section here.
Conference Call Details:
A conference call will be held today, April 18, 2024, at
Joining the Conference Call:
- Participants are required to register in advance of the conference using the link provided below. Upon registering, each participant will be provided with
Participant Dial -in numbers, and a unique Personal PIN. - In the 10 minutes prior to the call’s start time, participants will need to use the conference access information provided in the e-mail received at the point of registering. Participants may also use the call me feature instead of dialing the nearest dial in number.
Webcast registration URL: https://edge.media-server.com/mmc/p/x5teqtxq
Conference call registration URL: https://register.vevent.com/register/BI89ea15fb1edc42c5bba59bbd3f7ab1d3
About
Contacts:
Tim Dyer Chief Executive Officer Telephone: +41 22 884 15 55 PR@addextherapeutics.com | Mike Sinclair Partner, Halsin Partners +44 (0)7968 022075 msinclair@halsin.com |
Addex Forward Looking Statements:
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including statements about the intended use of proceeds of the offering. The words “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “target” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Any forward-looking statements in this press release, are based on management's current expectations and beliefs and are subject to a number of risks, uncertainties and important factors that may cause actual events or results to differ materially from those expressed or implied by any forward-looking statements contained in this press release, including, without limitation, uncertainties related to market conditions. These and other risks and uncertainties are described in greater detail in the section entitled “Risk Factors” in Addex Therapeutics’ Annual Report on Form 20-F for the year ended
Source:
2024 GlobeNewswire, Inc., source