Addex Raises CHF2.8 million in a Private Placement and Extends Cash Runway Through 2017
Geneva, Switzerland, 9 March 2015 – Addex Therapeutics (SIX: ADXN) announced today that it has raised gross proceeds of CHF2.8 million in a private placement of new issued registered shares. The private placement was led by Herculis Partners SA with participations from clients of Herculis and Addex executive management. After the placement, Investment funds managed by Herculis Partners SA will hold 4.1% of Addex issued share capital.
“We see huge value in the assets of Addex which we believe is not recognized by the market” said Jean-Paul Periat, Chief Executive Officer of Herculis Partners. “Addex has been through some challenging times, but we believe they are poised to strongly rebound as the team executes on what we believe will be a remarkable turnaround.”
“We are delighted to welcome Herculis as a major new shareholder of Addex", said Tim Dyer, Chief Executive Officer of Addex. "These additional funds extend our cash runway through 2017 and allow us to continue to advance our portfolio in collaboration with our partners. We are currently focused on preparing dipraglurant for clinical studies in PD-LID and dystonia, and ADX71441 in Charcot-Marie-Tooth type 1A neuropathy and addiction."
Of the new shares, 921,667 were placed at CHF3 per share with investors and CHF604,369 were placed at CHF1 with Addex Pharma SA, a subsidiary of the Addex Therapeutics Ltd. The 1,526,036 new issued registered shares will be listed on the SIX Swiss Exchange and their first day of trading will be the 9 March 2015. The new shares, with a par value of CHF 1 each, were issued from the Company’s authorized share capital and represent 13% of the outstanding share capital after the transaction.
About Addex Therapeutics
Addex Therapeutics (www.addextherapeutics.com) is a biopharmaceutical company focused on the development of novel, orally available, small molecule allosteric modulators for central nervous system disorders. Addex 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 Phase 2B for PD-LID. In parallel, dipraglurant’s therapeutic use in dystonia and treatment resistant depression is being investigated. Addex second clinical program, ADX71149 (mGlu2 positive allosteric modulator or PAM) is being developed in collaboration with Janssen Pharmaceuticals, Inc. Addex also has several preclinical programs including: ADX71441 (GABAB receptor PAM) which has received regulatory approval to start Phase 1 and is being investigated for therapeutic use in Charcot-Marie-Tooth (Type 1A) disease, alcohol use disorder and nicotine dependence; mGlu4PAM for drug abuse and dependence, Parkinson’s disease and other neurodegenerative diseases; mGlu2NAM for treatment resistant depression and cognitive deficits; mGlu7NAM for psychosomatic disorders, TrkBPAM for neurodegenerative disorders; and GLP1PAM for type 2 diabetes. 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 was generated from this pioneering allosteric modulator drug discovery platform.
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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.