Addex Pharmaceuticals CEO Steps Down
Geneva, Switzerland, 3 June 2011 – Allosteric modulation company Addex Pharmaceuticals Ltd (SIX:ADXN) announced today that Vincent Mutel, PhD, has stepped down from his position as CEO of the Addex group. Mr. André J. Mueller, chairman of the board of Addex, will act as executive chairman and lead an operational subcommittee of directors to manage the transition until a new CEO is appointed.
Under Mr. Mutel’s leadership, Addex has become a world leader in the field of allosteric modulator drug discovery and formed significant drug development partnerships with leading pharmaceutical companies. During this time, the company successfully completed several financing transactions, while also receiving grants and awards from non-profit and industry organizations.
Mr. Mueller said: "On behalf of the Board, I would like to thank Vincent Mutel for his commitment and drive in building this exceptional company. During his nine year tenure, Vincent played a pivotal role in founding Addex and growing it into the world’s leading allosteric drug discovery platform. We wish him success in his future endeavors. The company, which retains key intellectual property and a core group of highly talented experts in allosteric drug discovery, is in an excellent position to successfully leverage its emerging platform in a manner that maintains alignment with its strategic goals and the interests of its shareholders.”
The Board of Directors will be working closely with Mr. Mueller in order to consider Mr. Mutel’s replacement. The Board also has invited Mr. Mutel to consider a possible future advisory role at Addex.
“It’s been an exciting venture and a privilege to lead this group of high caliber researchers and staff in adapting allosteric modulation science to drug development,” Mr. Mutel said. “I wish my colleagues at Addex continued success.”
Addex Pharmaceuticals (www.addexpharma.com) discovers and develops allosteric modulators for human health. The company uses its proprietary small molecule discovery platform to target cell surface receptors that are recognized as having therapeutic potential for treating diseases of the central nervous system, metabolic disorders or inflammation. Two Phase IIa clinical trials are ongoing for two lead products: dipraglurant (ADX48621) and ADX71149. Dipraglurant is an mGluR5 negative allosteric modulator (NAM), which is being tested in Parkinson's disease levodopa-induced dyskinesia (PD-LID). ADX71149, an mGluR2 positive allosteric modulator (PAM), is being tested for treatment of schizophrenia by our partner Ortho-McNeil-Janssen Pharmaceuticals Inc. In addition, Merck & Co., Inc. has licensed rights to two preclinical programs: mGluR4 PAM for Parkinson's disease and mGluR5 PAM for schizophrenia. Unpartnered products in preclinical testing include: follicle stimulating hormone receptor (FSHR) NAM, with potential for endometriosis and benign prostatic hyperplasia; mGluR2 NAM for Alzheimer's disease; and GABA-BR PAM with potential for chronic pain, Fragile X syndrome, urinary incontinence and gastroesophageal reflux disease. Diabetes and inflammation discovery programs include GLP-1R PAM, IL-1R1 NAM, and TNFR1 NAM.
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Disclaimer: The foregoing release may contain forward-looking statements that can be identified by terminology such as "not approvable", "continue", "believes", "believe", "will", "remained open to exploring", "would", "could", or similar expressions, or by express or implied discussions regarding Addex Pharmaceuticals Ltd, its business, the potential approval of its products by regulatory authorities, or regarding potential future revenues from such products. Such forward-looking statements reflect the current views of Addex Pharmaceuticals Ltd regarding future events, future economic performance or prospects, and, by their very nature, involve inherent risks and uncertainties, both general and specific, whether known or unknown, and/or any other factor that may materially differ from the plans, objectives, expectations, estimates and intentions expressed or implied in such forward-looking statements. Such may in particular cause actual results with allosteric modulators of mGluR2, mGluR4, mGluR5, mGluR7 or other therapeutic targets to be materially different from any future results, performance or achievements expressed or implied by such statements. There can be no guarantee that allosteric modulators of mGluR2, mGluR4, mGluR5, mGluR7 will be approved for sale in any market or by any regulatory authority. Nor can there be any guarantee that allosteric modulators of mGluR2, mGluR4, mGluR5, mGluR7 or other therapeutic targets will achieve any particular levels of revenue (if any) in the future. In particular, management's expectations regarding allosteric modulators of mGluR2, mGluR4, mGluR5, mGluR7 or other therapeutic targets could be affected by, among other things, unexpected actions by our partners, unexpected regulatory actions or delays or government regulation generally; unexpected clinical trial results, including unexpected new clinical data and unexpected additional analysis of existing clinical data; competition in general; government, industry and general public pricing pressures; the company's ability to obtain or maintain patent or other proprietary intellectual property protection. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, believed, estimated or expected. Addex Pharmaceuticals Ltd is providing the information in this press release as of this date and does not undertake any obligation to update any forward-looking statements contained in this press release as a result of new information, future events or otherwise, except as may be required by applicable laws.